Software major Wipro, on February 26, announced that it will be committing $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, aimed at accelerating the company’s investments in early- to mid-stage startups,” the company said in a release.
Wipro’s Chief Executive Officer & Managing Director Srini Pallia said Wipro Ventures is strategically positioned to participate in and contribute to technological innovation across startup hubs globally.
“This latest investment reaffirms our commitment to helping startups grow faster, innovate, and collaborate with the IT services industry to support large enterprises. We envision a collaborative ecosystem where these emerging technologies can be deployed globally, drive progress, and create sustainable value for all stakeholders involved,” Pallia was quoted as saying in the release.
Wipro Ventures was founded in 2015 to identify and invest in high-potential early-stage startups that are at the forefront of technological innovation. These were also aimed at allowing 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.
SYN Ventures has worked with Wipro Ventures as co-investors over the years believes it is 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,” said Jay Leek, Co-Founder & General Partner, SYN Ventures.
In its 10 years of operation, Wipro Ventures has invested in 37 startups in areas such as artificial intelligence, data & analytics, cybersecurity, and cloud infrastructure, deployed solutions over 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.
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