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Wednesday, May 29, 2024

India-Israel Technological Partnership: TDB-DST Backs Quicksand’s FMCG Initiative

The Technology Development Board (TDB) has signed a strategic partnership with M/s Quicksand Design Studio Private Limited in New Delhi to boost innovation in the Fast-Moving Consumer Goods (FMCG) business.

TDB has sanctioned a Conditional Grant of ₹1.22 crores to assist the project named “Digital Financial Solutions for Last Mile FMCG Value Chains in Emerging Markets” under the ‘INDIA-ISRAEL INDUSTRIAL R&D AND TECHNOLOGICAL INNOVATION FUND (I4F)’.

This collaboration under I4F shows the enduring partnership between the DST, Government of India, and the IIA, Government of Israel to promote, facilitate and support joint industrial R&D projects, between companies from India and Israel. Led by Israeli Project Lead – M/s Vascode Technologies Ltd., the project aims to revolutionize last-mile FMCG value chains in emerging markets through a cutting-edge digital finance solutions platform.

Centered on the development of an integrated digital finance platform tailored for last-mile FMCG value chains, the project leverages Quicksand’s renowned expertise in human-centered design. By prioritizing user experience and aligning products with diverse consumer needs, the platform promises to redefine the landscape of financial services in emerging markets. With a distinguished clientele, including industry giants like Google, Facebook, and Coca-Cola, Quicksand brings unparalleled insight and innovation to the project.

Upon completion, the platform will seamlessly embed financial services across FMCG value chains, particularly targeting last-mile distribution networks. Drawing from Quicksand’s extensive experience in managing branchless banking networks and B2B commerce platforms, the project is poised to empower businesses and consumers alike, driving financial inclusion and fostering sustainable economic growth in emerging markets.

Speaking on the occasion, Shri Rajesh Kumar Pathak, Secretary, Technology Development Board said “This partnership demonstrates our commitment to fostering innovation-driven solutions that address real-world challenges. As the first agreement signed under the Bilateral India-Israel call, it sets the stage for numerous ground breaking projects in the pipeline for TDB. We are poised to embark on a journey of transformative agreements in the near future.”

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(Source: PIB)

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