IT major Wipro on Wednesday said it will invest USD 200 million (about ₹1,740 crore) in its arm Wipro Ventures to accelerate its funding for startups in the technology innovation space.
This marks the fourth funding round for Wipro Ventures since it began operations ten years ago, and is aimed at speeding up investments in startups at the early to mid-stage level, a company statement said.
“This latest investment reaffirms our commitment to helping startups grow faster, innovate, and collaborate with the IT services industry to support large enterprises. We envision a collaborative ecosystem, where these emerging technologies can be deployed globally, drive progress, and create sustainable value for all stakeholders involved,” Wipro CEO and MD Srini Pallia said.
Established in 2015, Wipro Ventures focuses on identifying and investing in promising early-stage startups that drive technological innovation. The Wipro Ventures team connects Wipro and its clients to a global ecosystem of startups working on disruptive technologies, enabling Wipro’s clients to access the latest innovations while providing startups access to a global network of enterprise customers, the statement said.
In the past decade, Wipro Ventures has invested in 37 startups from sectors like artificial intelligence, data & analytics, cybersecurity, and cloud infrastructure, deployed solutions across over 250 Wipro customers globally and had 12 successful exits.
It has also invested in several early-stage, enterprise-focused and cybersecurity-themed venture funds in India, the US, and Israel.