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Wipro announces $150 million second venture fund

BENGALURU: Wipro Ventures, the strategic investment arm of Wipro, has today announced the closing of its $150 million second fund. The fund would focus on investments in emerging digital software firms for enterprises, said the company in a press release.

Buoyed by the success of its first $100 million fund launched in 2015, Wipro Ventures would 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 artificial intelligence, said the company.

“Wipro Ventures has become an integral part of our innovation ecosystem. 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,” Abidali Neemuchwala, chief executive officer and managing director, Wipro, was quoted saying.

Wipro Ventures, managed by Biplab Adhya and Venu Pemmaraju, has so far invested in 16 early-to mid-stage startups, including 11 in the US, four in Israel and one in India.

More than 100 of Wipro’s global customers have benefited by deploying solutions from these portfolio companies, said the company.

Source: Economic Times