Startup booster: Wipro commits $200 mn to VC arm Wipro Ventures

Bengaluru (The Uttam Hindu): IT major Wipro on Wednesday announced to commit $200 million to its venture arm, Wipro Ventures, in its latest round of funding.

This is the fourth round of funding raised by Wipro Ventures since its inception 10 years ago, and is aimed at accelerating the company’s investments in early- to mid-stage startups.

“Wipro Ventures is strategically positioned to participate in and contribute to technological innovation across startup hubs globally,” said Srini Pallia, Chief Executive Officer and Managing Director, Wipro Limited.

“We envision a collaborative ecosystem where these emerging technologies can be deployed globally, drive progress, and create sustainable value for all stakeholders involved,” he added.

Wipro Ventures was founded in 2015 to identify and invest in high-potential early-stage startups that are at the forefront of technological innovation and that allow Wipro to deliver differentiated value to clients.

The Wipro Ventures team connects Wipro and its clients to a global ecosystem of startups working on disruptive technologies, enabling Wipro’s clients to access latest innovations, while providing startups with access to a global network of enterprise customers.

In its 10 years of operation, Wipro Ventures has invested in 37 startups in areas such as artificial intelligence, data and analytics, cybersecurity, and cloud infrastructure, deployed solutions across 250+ Wipro customers globally and had 12 successful exits.

In addition to making direct equity investments, Wipro Ventures has also invested in several early-stage, enterprise-focused and cybersecurity-themed venture funds in India, the US, and Israel.

According to Jay Leek, Co-founder and General Partner, SYN Ventures, said, “We are delighted to have worked with Wipro Ventures as co-investors over the years”.

“They are well positioned to capitalize on emerging trends in the industry. We strongly believe that the value-add that Wipro brings will enable startups to maintain their competitive edge and enjoy long-term success,” Leek added.