Wipro Ventures raises $150m fund to back early to mid-stage startups

Photo: Hemant Mishra/Mint

Wipro Ventures, the investment arm of Wipro Ltd, said it has raised its Fund II, of $150 million, which will invest in early to mid-stage companies building innovative enterprise software solutions in areas such as cybersecurity, application development, analytics, cloud infrastructure, test automation and artificial intelligence (AI).

Wipro Ventures launched its first fund of $100 million in 2015.

“…Our strategy has been to invest in promising enterprise software startups, establish strategic partnerships with them and bring their leading-edge solutions to our customers. By doing this, we differentiate our customer services, generate revenue for our portfolio companies and deliver strategic as well as financial returns to Wipro. Wipro Ventures’ Fund II demonstrates our continued commitment to this strategy,” Abidali Z Neemuchwala, chief executive officer and managing director, Wipro said in a statement.

In addition to making direct equity investments, Wipro Ventures has also invested in five early-stage enterprise-focused venture funds in Israel, New York, and Los Angeles.

To retain their dominance in the outsourcing space, IT vendors have been picking up stakes in small start-ups focused on disruptive technologies, including artificial intelligence and cloud computing, which they can then take to their clients. Infosys Ltd, for instance, had also launched the $500 million Infosys Innovation Fund a few years back.

Companies in the portfolio of Wipro Ventures, have seen successful exits, including Demisto, a cybersecurity company that was acquired by Palo Alto Networks, the firm said.

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.