India’s second largest software services exporter Infosys Ltd is looking to partner with Silicon Valley-based venture capital firm 500 Startups by investing in one of its funds, as per a report in The Times of India.
500 Startups is already in the process of raising its fourth global fund and Infosys is in talks to invest in it with an aim to back technology startups, the report said.
If the talks go through, this will be Infosys’ second investment in a venture capital firm. The IT company recently invested in Palo Alto-based venture capital firm Vertex Ventures US Fund I Lp to boost its access to start-ups focused on disruptive technologies. The investment was routed through $500 million Infosys Innovation Fund, which is overseen by Yusuf Bashir, a former SAP colleague of Infosys CEO Vishal Sikka.
Besides Vertex, Infosys Innovation Fund has so far invested in Whoop, a Boston-based maker of an online health and fitness analytics tool for athletes, CloudEndure, a cloud-based disaster recovery service, ANSR Consulting, the Bengaluru-based firm that runs Kyron accelerator and Speck, a fine air particulate monitor.
With these investments, Infosys aims to harness the entrepreneurial spirit in India and support young companies that develop innovative technologies on automation, Internet of Things, and artificial intelligence space.
The company has also backed more than 30 Indian startups from its global fund including TargetingMantra, a personalisation platform for online businesses, LafaLafa, a mobile-first coupons and cashback aggregator, on-demand delivery startup Quickli, and travel portal Tripoto.