Synopsis
Wipro announces a $200 million commitment to Wipro Ventures, aiming to enhance investments in early to mid-stage startups, thereby fostering global technological innovation.Key Takeaways
- Wipro Ventures secures $200 million for investments.
- Focus on early- to mid-stage startups.
- Wipro aims to drive global technological innovation.
- Wipro Ventures has invested in 37 startups in 10 years.
- Collaborative ecosystem for startups and clients.
Bengaluru, Feb 26 (NationPress) In a strategic move, IT giant Wipro has revealed its commitment of $200 million to its venture division, Wipro Ventures, marking a significant milestone in its funding journey.
This funding round is the fourth since the inception of Wipro Ventures a decade ago, designed to boost the company’s investments in early- to mid-stage startups.
Srini Pallia, the Chief Executive Officer and Managing Director of Wipro Limited, stated, “Wipro Ventures is strategically positioned to engage in and foster technological innovation across global startup ecosystems.”
He further expressed, “We foresee a collaborative environment where these innovative technologies can be utilized worldwide, foster advancement, and generate sustainable value for all parties involved.”
Founded in 2015, Wipro Ventures focuses on identifying and investing in promising early-stage startups that lead in technological breakthroughs, enabling Wipro to provide distinctive value to its clientele.
The Wipro Ventures team bridges Wipro and its clients to a worldwide network of startups engaged in disruptive technologies, allowing Wipro’s clients to access cutting-edge innovations while offering startups an opportunity to connect with a vast array of enterprise customers.
Over its decade of operation, Wipro Ventures has invested in 37 startups specializing in fields such as artificial intelligence, data and analytics, cybersecurity, and cloud infrastructure, implementing solutions across more than 250 Wipro clients globally, and achieving 12 successful exits.
In addition to direct equity investments, Wipro Ventures has also contributed to several early-stage, enterprise-oriented, and cybersecurity-focused venture funds in India, the US, and Israel.
According to Jay Leek, Co-founder and General Partner of SYN Ventures, “We are thrilled to have collaborated with Wipro Ventures as co-investors through the years.”
“They are excellently positioned to leverage emerging trends in the sector. We firmly believe that the value that Wipro adds will support startups in maintaining their competitive advantage and achieving lasting success,” Leek concluded.
