Infosys had made a minority investment in Waterline during 2016-18, it said in a BSE filing on Tuesday.
This is the third startup investment that has turned sour for Infosys.
“With regard to the minority investment made by the Company during 2016-2018 in Waterline Data Inc., the company [Infosys] informs that Waterline Data Inc. has completed the process of dissolution. There is nil consideration upon dissolution and accordingly, there are no dues outstanding to the company,” the filing said.
Meanwhile, Waterline will be acquired by a subsidiary of Japan’s Hitachi by the end of this month, the latter announced in January.
Headquartered in Mountain View, California, Waterline Data provides intelligent data cataloging solutions for DataOps that help customers more easily gain actionable insights from large datasets and comply with data regulations such as GDPR.
In December 2017, Infosys announced that it is selling its entire stake in Delaware, US-based ANSR Consulting Holdings Inc. for $1 million. The Indian IT company had bought a 5 per cent stake in ANSR for about $1.4 million in 2015.
This January, Infosys also sold its stake in Denmark-based startup UNSILO for $8,00,000. It had invested in UNSILO in 2016 about Rs14.5 crore from its $500 million innovation fund.
Infosys’s innovation fund was set up in 2013 with a corpus of $100 million for start-ups and other innovative businesses outside the company. The size of the fund was expanded to $500 million in January 2015.
The most recent investment announced by the fund was in 2019 when Infosys said it would invest $10 million in California-based artificial intelligence-focused The House Fund II.