Wipro Ventures closes second fund of $150M to invest in startups
Wipro Ventures, the strategic investment arm of one of India's leading IT services company, Wipro announced the closing of its $150 million Fund II. The second fund was bigger than the first one, which raised $100 million, launched in 2015.
Wipro Ventures will continue to invest in early to mid-stage companies, building innovative enterprise software solutions across key areas including cybersecurity, application development, analytics, cloud infrastructure, test automation, and AI, the company said in a press release.
On the new fund, Abidali Z Neemuchwala, CEO and MD, Wipro, said, “Our strategy has been to invest in promising enterprise software startups, establish strategic partnerships with them, and bring their leading-edge solutions to our customers. By doing this, we differentiate our customer services, generate revenue for our portfolio companies, and deliver strategic, as well as financial returns to Wipro. Wipro Ventures’ Fund II demonstrates our continued commitment to this strategy".
Wipro Ventures, managed by Biplab Adhya and Venu Pemmaraju, so far, has invested in 16 early- to mid-stage startups including 11 in the US, four in Israel, and one in India. According to Wipro, more than 100 of its global customers have benefited by deploying solutions from these portfolio companies.
Companies within the portfolio have also seen successful exits including Demisto, a cybersecurity company, that was acquired by Palo Alto Networks. Rishi Bhargava, one of the Co-founders of Demisto, credited Wipro’s commitment to joint sales and go-to-market support, as one of the key drivers of its success.
“Within the first year of our partnership, Wipro and Demisto were working together on dozens of Fortune 1000 opportunities and closing a majority of them. It’s exciting to see Wipro Ventures continue to enhance the startup ecosystem with new capital while helping companies boost their bottom line,” Bhargava said.
In addition to making direct equity investments, Wipro Ventures has also invested in five early-stage enterprise-focused venture funds in Israel, New York, and Los Angeles.
(Edited by Suman Singh)