Business

Former Reckitt CEO seeks to support promising start-ups in India

The 12 Flags Group founded by Rakesh Kapoor has set up an £80 million fund

Former Reckitt Benckiser CEO Rakesh Kapoor (Image credit: 12flags.com)

By: easterneye.biz Staff

A LONDON-BASED firm founded by former Reckitt Benckiser CEO Rakesh Kapoor seeks to become a consumer investment platform in India.

The 12 Flags Group launched an £80 million fund to support promising, early-growth businesses that it believes can scale up to “deliver superior returns.”

According to the firm, the 12 Flags India Consumer Fund aims to invest in start-ups that build brands designed for Indian consumers and not those that try to replicate Western models.

It raised money from institutional investors and university endowment funds to meet its goals, The Times reported.

Kapoor has more than four decades of experience in the consumer goods business, including his eight-year tenure as Reckitt’s chief executive.

He joined the company in 1987 – before its merger with Benckiser – and rose through the ranks to become its boss.

In January this year, Kapoor donated $1.2 million (£950,000) to his alma mater Birla Institute of Technology and Science to “foster the talent of young engineers and scientists to create innovative products, solutions and services”.

He attended the institute between 1975 and 1980 before he studied management.