Wipro Strategizing Investment in Startups to Drive Innovation
19 September 2020
RishadPremji, chairman of Wipro Ltd on Friday said that the firm is keen to partner with startups to drive innovation and digital transformation for its client.Wipro has a new-age team thatonly works with young companies that are in the range of $5-$10 million.
Premji said that the future of startups is highly promising and is already contributing to the nation in terms of brand building, employment, and wealth creation. The company’stypical customer base consists of large enterprises but now it is employing a different strategy and intends to partner with new ventures.
The firm invested in startups operating in the fast-moving consumer goods (FMCG) industry, soon after the lockdown was lifted. Managing Partner for Wipro Consumer Care Venture Sumit Keshan said that Wipro is keen to invest in new-age companies, add value to them, as well as learn from them.
Wipro is aiming at building productized solutions for its clients and leverage from the uniqueness of new ventures. The firm also has an external innovation group based in India that partners with young companies without investing in them.
Wipro CEO Abidali Neemuchwala is also only on-board with Dallas Venture Partners (DVP) in a move to invest $300–500 million over the next ten years in startups working in areas of artificial intelligence and emerging technologies. India has become a thriving hub for technology and innovation, and it is a huge opportunity for investors and innovators.
Wipro looks for unique startups with a reliable model and helps them overcome challenges, and add value to the companies by offering domain expertise to them.Wipro is aiming to create more unicorns out of growth-stage and early-stage startups.
