Wipro commits $200M in fresh funding to its venture arm
The fresh capital will be deployed by Wipro Ventures into funding startups at the early and mid stages.
Indian technology services company Wipro has announced that it will commit $200 million to its venture arm, Wipro Ventures.
This is the fourth round of funding raised by Wipro Ventures since its inception in 2015. It is focused on accelerating the company’s investments in early- to mid-stage startups.
Since its inception, Wipro has invested in 37 startups in areas such as artificial intelligence, data and analytics, cybersecurity, and cloud infrastructure. It has deployed solutions across 250 plus Wipro customers globally and had 12 successful exits, the company said.
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.
On the fresh infusion of funds, Wipro CEO Srini Pallia said, “This latest investment reaffirms our commitment to helping startups grow faster, innovate, and collaborate with the IT services industry to support large enterprises.”
Wipro Ventures had first raised $150 million in 2015 and it was followed by another $150 million in January 2020. Its portfolio includes companies including Altizon, Avaamo, Cycognito, Ema etc. A few startups from its portfolio have been acquired by companies like Microsoft, Dell Technologies, Palo Alto Networks etc.
“We envision a collaborative ecosystem where these emerging technologies can be deployed globally, drive progress, and create sustainable value for all stakeholders involved,” Pallia said.
According to a statement, 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 the latest innovations while providing startups with access to a global network of enterprise customers.
SYN Ventures Co-founder and General Partner Jay Leek said, “We are delighted to have worked with Wipro Ventures as co-investors over the years. They are well-positioned to capitalise 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.”
Edited by Kanishk Singh