Bengaluru, 26 February (IANS). IT chief Wipro on Wednesday announced to give $ 200 million to its Venture Arm Wipro Ventures in its latest funding round.
This is the fourth funding collected by Wipro Ventures since its inception 10 years ago and aims to accelerate the company’s investment in the Early-to Mid Stage Startups.
Srin Pallaia, Chief Executive Officer and Managing Director of Wipro Limited, said, “Wipro Ventures is strategically designed to participate and contribute to technological innovation in the startup hub globally.”
He said, “We imagine a colleague ecosystem, where these emerging technology can be established globally, promoted progress and make a permanent value for all stakeholders involved.”
Wipro Ventures was established in 2015 to identify and invest high-affected early-stage startups, which are at the forefront in terms of technological innovation and who enable Vipro’s customers to provide different prices.
Wipro Ventures’ team connects Wipro and its customers to the global ecosystem of startups working on harmful technologies, allowing Wipro customers to reach the latest innovation, while the startups provide access to the global network of ‘enterprises customers’.
Wipro Ventures has invested 37 startups in areas such as Artificial Intelligence, Data and Analytics, Cyber Security and Cloud Infrastructure in its 10 -year operation, set up solutions for over 250 Wipro customers globally and made 12 successful exit.
In addition to investing direct equity, Wipro Ventures has also invested in India, America and Israel in many early-stage, venture-centric and cyber security-theme venture funds.
“We have been happy to work with Wipro Ventures as co-in-charge with Vipro Ventures for years,” said SYN Venture co-founder and general partner Ja leak.
“They are in a good position to take advantage of the emerging trends in the industry. We firmly believe that Value-Ads brought by Wipro will enable Startups to maintain their competitive lead and enjoy long-term success.”
-IANS
SKT/CBT
