vGROW is an inclusive platform which identifies and collaborates with businesses and individuals offering industry-leading solutions.
On Thursday, Procter & Gamble (P&G), which is a prominent name in the fast-moving consumer goods (FMCG) sector, announced a 400-crore 'India Growth Fund'. This will be a collaboration with existing and new suppliers to build capacities that will further localize manufacturing of finished products, procurement of raw materials & packaging materials, and adopt go-to-market innovations & technology. The latest venture responds to the government's as well as the company's vision of a self-reliant India and it also showcases P&G's promise to drive inclusive growth in India through external partnerships.
'vGROW' Program by P&G
This new fund is a part of P&G India's 'vGROW' program, which focuses on identifying and collaborating with start-ups, small businesses, individuals or large organizations offering innovative industry-leading solutions. Following this announcement, P&G also launched the third edition of 'P&G vGROW External Business Partner Summit,' on October 29-30, 2020, which offers a platform to the existing and new suppliers to pitch their solutions to P&Gs leadership team. Additionally, this year, the summit will also focus on tagging solutions that revolutionize go-to-market capabilities, optimize inventory and expand consumer base of the P&G brands.
The CEO of P&G Indian Subcontinent, Madhusudan Gopalan, stated, "More than 95% of the products we sell in India are manufactured locally. We also export finished products manufactured in India to more than 120 countries. In line with our commitment, we are setting-up P&G's 'India Growth Fund' to collaborate with partners on building capacities that will further localize manufacturing of finished products, procurement of raw materials & packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India." He further added, "We are confident that through these partnerships we will be able to create an eco-system and supplier network that will further enable us to make in India, for India and the world."
'A platform that offers innovative industry-leading solutions'
vGROW is an inclusive platform which identifies and collaborates with businesses and individuals offering industry-leading solutions. Through this platform, P&G can reach out to over 2,300+ Indian suppliers including start-ups, small businesses and large organizations, hailing from various industries and service backgrounds. P&G also has its online platform 'P&G Hackathon', which connects external business partners with innovative solutions, which further curates a collaborative ecosystem.
With inputs from IANS