Infosys Ltd, one of India’s largest software firms, on Wednesday announced that it will invest about $4.6 million (Rs 31.6 crore) in Stellaris Venture Partners, a Delhi-based early stage venture fund.
Infosys has signed a definitive agreement to a Limited Partner investment of Rs31.6 crore from its Innovation Fund in Stellaris Venture Partners, the company said in a statement. The investment is towards the first close of Stellaris’ fund, it added.
The outsourcing firm had set up the innovation fund in 2013 with an aim to harness the entrepreneurial spirit in India by investing in startups that develop innovative technologies on automation, Internet of Things (IoT), and artificial intelligence (AI).
“We believe Stellaris with their extensive operational and domain expertise in enterprise software and services in both India and US, is uniquely positioned to leverage India’s capital efficient talent pool, to harness the next wave of enterprise innovation in India. With this investment we look forward to gaining early access to innovative new companies in India that are inventing the future of enterprises globally,” said Ritika Suri, Executive Vice President & Global Head of Corporate Development & Ventures at Infosys.
With the latest investment, Stellaris aims to back entrepreneurs building applications for global businesses, Indian SMBs and consumers in verticals such as financial services, retail, healthcare and education, the statement said. The investment is expected to complete by December 15, 2016.
“India has a vibrant technology startup ecosystem today that has the potential to create breakthrough companies on a global scale. We are very excited to partner with Infosys, whose deep technology expertise, understanding of global enterprises and worldwide footprint can be immensely valuable to the investment team as well as Stellaris’ portfolio companies,” said Alok Goyal, co-founder at Stellaris.
Founded by Goyal, Rahul Chowdhri and Ritesh Banglani, Stellaris has offices in Bangalore and Delhi NCR. The firm has invested in startups such as Taxisforsure, Bigbasket, Shopclues, Axtria, Lifecell and Simplilearn in the past.