India: Former Wipro chief joins Dallas Venture Partners as partner

India Gate. Photo: Abhidev Vaishnav/unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.