P&G India announces Rs 300 crore fund for advanced supply chain ecosystem
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Mumbai: Procter & Gamble India (P&G India) on Thursday announced a Rs 300 crore 'P&G supply chain catalyst fund' to collaborate with external partners and innovators to co-develop solutions that accelerate its journey towards its vision of 'Supply 3.0', an advanced supply chain ecosystem.
The company, renowned for household brands such as Gillette, Whisper, and Vicks, said in a statement that this fund will offer start-ups and innovators the chance to work with P&G on business solutions tailored to build a supply chain that provides greater agility, flexibility, scalability, transparency, and resilience.
The company also said that the announcement is in accordance with the Prime Minister’s Gati Shakti initiative, which is an effort towards multi-modal connectivity in the country that will facilitate the seamless movement of goods and services through targeted interventions.
The fund is part of P&G India’s ‘vGROW’ program, initiated six years ago, which focuses on identifying and collaborating with start-ups, small enterprises, individuals, and big organizations that offer innovative, market-leading business solutions.
LV Vaidyanathan, CEO of P&G India subcontinent said, “We are as committed to the nation’s progress as we are to serving consumers with superior products every day”.
“With the ‘P&G Supply Chain Catalyst’ fund, we are focused on co-creating innovative solutions that enhance the very backbone of our operations - the supply chain. We are confident that focused interventions in the supply chain will have a positive impact on our overall priorities including constructive disruption and productivity,” he said.
“Six years ago, we launched ‘vGROW’ – with the vision to create a platform to foster collaboration and partnerships with external partners and suppliers, to solve business challenges and provide a breeding ground to emerging startups across the country”.
“With this fund, we have committed spends of more than 1800 Crore to date in business solutions through vGROW. We strongly believe that a healthy dissatisfaction with the status quo will help us raise the bar on constructive disruption and better serve consumers, customers, and communities,” he added.
According to reports, through the vGROW platform, P&G engages with more than 2,300 external suppliers, ranging from startups and small businesses to large organizations.
Last year, the company had announced a ₹200 crore ‘P&G Technovate Fund’ to solve business challenges by leveraging technology in collaboration with existing and new external suppliers.