P&G establishes $24m India innovation fund

The P&G Technovate Fund will “accelerate digital transformations by fostering innovation and leveraging technology, in collaboration with existing and new external suppliers,” the company said in a statement.

Areas of focus will include digital analytics, transportation and warehousing, sustainability, and the future of payments. P&G added that it is seeking to make improvements across brand building and awareness, consumer research, go-to-market strategies, and supply chains through the strategy.

The fund is part of P&G’s vGrow programme that focuses on collaborating with counterparties throughout its ecosystem, from start-ups to large organisations. It claims to engage with over 2,300 suppliers through the programme. P&G previously committed to invest more than INR 13bn through vGrow, which was established five years ago.

“We see technology as an important enabler in solving business problems, and innovation as the need of the hour to anticipate and delight consumers in their evolving needs,” said L.V. Vaidyanathan, P&G’s CEO for the India subcontinent.

“We have set up the P&G Technovate Fund to collaborate with external partners who understand and specialize in technology, are operating with a digital-first mindset, and are constantly bringing innovation in the industry.”

Last year, P&G launched a INR 5bn rural growth fund intended to work with external partners on innovations that serve consumers and retailers outside of urban areas.

P&G, which owns consumer brands such as Pampers, Ariel, Whisper, Gilette, Head & Shoulders, Olay, and Oral-B, generated USD 80.2bn in sales globally during the 2022 financial year. India, the Middle East, and Africa contributed 6% of the total.

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