Britannia has joined the list of Indian corporates wishing to fund startups.
Reliance, Google, Microsoft, Alibaba, Walmart and Hero Group are among the key investors for the startups in India.
Meenakshi Group also joined investors list recently in January 2019
Funding startup and assisting in their growth is now becoming a culture and matter of interest for market Unicorns. Britannia has also joined the list of Indian corporates wishing to fund startups and play an active role in the Indian startup ecosystem. The company is going to make a separate team within six months that is dedicated to investing in startups across platforms and categories.
Varun Berry, Managing Director, Britannia said, “Company is interested in infusing small investments in startups across platforms as details are being worked out.”
The century-old company is focusing on funding in expansion in the rural market, portfolio premiumization, snacking business, filling the gap in its bakery and accelerating innovation. Now Britannia has joined a list of consumer goods makers including Marico and Unilever which are also investing in startups. Along with these several leading corporates across the globe including Reliance, Google, Microsoft, Alibaba, Walmart, Hero Group, Times Internet are continuously probing startups.
Recently in January 2019 Meenakshi Group, IT park developers headquartered at Hyderabad has launched its venture fund and in October 2018 Procter & Gamble India (P&G India), Mumbai based FMCG company also announced a multi-million dollar fund to invest in Indian startups and focus on collaborative growth strategy. In the same series in May 2018 RP-Sanjiv Goenka Group had launched a venture capital fund of $14.74 Million to invest in FMCG (Fast Growing Consumer Goods).
According to Murali Talasila, PwC partner and innovation leader briefed four pillars of Ecosystem; startups, corporate, policymakers and consumers. He said. “Startups should accelerate their productivity using corporate and corporate should not reinvent what already exists in the market. Government and policymakers should assist in fixing issues that Indian startups are facing and consumers are the best source of revenues for all.”
Britannia’s holistic decision to assist startup in funding is a praising move and will assist in developing technologies for the future.
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