Procter & Gamble Announces a 400 Cr ‘India Growth Fund’ to Support Small Businesses and Startups
Supporting Indian government’s initiative of an Aatmanirbhar Bharat, FMCG giant Procter & Gamble announced an ‘India Growth fund’, allocating an amount of around Rs 400 crore to focus on innovation and technology.
The fund is said to be a part of P&G India’s ‘vGROW’ programme that aims to back small startups, businesses, individuals and organizations offering innovative and industry leading solutions.
Madhusudhan Gopalan, CEO of P&G India said that for decades P&G has been making its products in India and over 95% of products it sells are manufactured locally. The ‘India Growth fund’ has been set up in line with the company’s commitment to the vision of a self reliant India and aims to collaborate with partners and building capacities which will further localize manufacturing, procurement of raw materials and packaging.
P&G also claims to be exporting products manufactured in India to over 120 countries. Last year, the company had also announced a Rs 200-crore Environmental Sustainability fund, providing an opportunity to startups, small businesses and individuals an opportunity to pitch sustainable environment solutions.
Since the company has partnered with startups through various channels such as setting up an incubator or accelerator or a venture fund, the recent initiative by the multinational consumer goods giant can aid and uplift a number of MSMEs, startups and other small manufacturers.