The Indian subsidiary of the consumer goods conglomerate has set up a $27.9m vehicle to invest in sustainable technology developers.

Procter and Gamble (P&G) India, a regional subsidiary of US-based consumer products maker P&G, has formed a Rs 2bn ($27.9m) environmental sustainability fund, Business Standard has reported.

The fund will invest in and partner startups working on environmentally-friendly technologies, complementing the corporate’s core business in areas including logistics, packaging and the supply chain.

P&G India formed an innovation sourcing fund in October 2018 that focuses on similar areas of interest and has already invested more than Rs 2bn out of the vehicle, having received more than 1,000 applications from startups, established businesses and university incubators.

The company also launched the sophomore edition of its two-day pitching event, P&G VGrow External Business Partner Summit, in order to seek out companies with ecological products and renewable energy to achieve its Ambition 2030 sustainable development objectives.

Madhusudan Gopalan, managing director and chief executive of P&G Indian subcontinent, said: “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.”