FMCG major Procter & Gamble (P&G) India has set up a Rs 200-crore fund that would partner and invest in companies that provides environment sustainability solution. The company will invest in start-ups or companies whose sustainable business solutions, spanning logistics, packaging, supply chain among other solutions can benefit its consumer goods business.
P&G, which announced a similar fund last year, said that the new fund is in line with its global sustainability goals ‘Ambition 2030’. The company has already invested more than Rs 200 crore in collaborating with organisations offering innovative solutions.
"We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive. We are delighted to set-up the environmental sustainability fund to collaborate with external partners in India, that are offering cutting-edge environmentally sustainable solutions in line with our strategy," said Madhusudan Gopalan, managing director and chief executive officer, P&G Indian Subcontinent.
The FMCG major said that over the last one year it has received more than 1,000 applications from start-ups, small businesses, university incubation centres and large organisations. P&G also announced launching its second edition of ‘P&G vGROW External Business Partner Summit’.
The two-day summit, which kicked off on Thursday offers platform to potential partners like start-ups, small businesses, individuals and large organisations offering innovative industry-leading solutions to pitch to P&G’s leadership team. "This year, the summit is focused on identifying and implementing step-changing environmentally sustainable solutions like packaging innovations, renewable sources of energy and reducing carbon footprint," the company said.
Meanwhile, P&G is not the only FMCG company which has been collaborating with new age businesses to promote eco-friendly measures and finding improved solution across value chain. Recently rival firm Unilever, through Unilever Ventures, has made several investment start-ups in the country across categories such as beauty, wellness, data analytics and grocery.