Former Wipro chief executive and managing director Abidali Neemuchwala has joined Dallas Venture Partners (DVP) as venture partner, as the Texas-based investment firm looks to ramp up investments in India.
DVP on Monday said it will be investing $300-500 million in startups in the country over 10 years. DVP plans to focus on early stage and growth stage startups working on cloud infrastructure, artificial intelligence/machine learning (AI/ML), mobile and emerging technologies.
It will invest in transactions with deal sizes of $2-10 million in startups that have already clocked $1 million in revenue and can scale up to $10 million.
DVP aims to benefit from Neemuchwala’s expertise in IT services and digital transformation as he led the $8-billion IT services company Wipro Ltd.
India is a “thriving hub” for innovation and software-as-a-service (SaaS) startups and the fund will help these companies scale up, Neemuchwala said.
“I will play my part in nurturing innovation, mentoring startups, and celebrating entrepreneurship… With a focus on B2B SaaS companies, we will help startups acquire global customers,” said Neemuchwala.
DVP aims to “democratize” the venture capital industry by providing broader, continuous and repeat investment opportunities for family offices, corporate venture arms, high net worth individuals, fund-of-funds, pension funds, institutional investors and entrepreneurs, the company said.
Neemuchwala resigned from Wipro in February citing “family commitments”.
He was succeeded by Thierry Delaporte, who joined the Bengaluru-based company as its new CEO and MD in July.
This article was first published on livemint.com.