Wipro Ventures has received a further $200m in capital from its parent company as it celebrates its tenth anniversary.
Indian IT services firm Wipro added $200m in capital to its Silicon Valley-based corporate venture arm, Wipro Ventures, last week, increasing its overall capital to $500m.
Founded in 2015 with an initial $100m, Wipro Ventures funds early and growth-stage enterprise software startups involved in areas including financial services, healthcare, manufacturing, energy and consumer technology.
The latest capital infusion, the unit’s fourth, comes weeks after it added a third managing partner, in the shape of Ali Wasti, formerly head of investments for fellow corporate VC fund HPE Pathfinder Ventures.
“Wipro Ventures is strategically positioned to participate in and contribute to technological innovation across startup hubs globally,” Wipro CEO and managing director Srini Pallia (above) said in a release announcing the move.
“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 Ventures has invested in 37 companies in the decade since it was launched and has exited a dozen of them through acquisition deals. The unit also has several fund-of-fund commitments.
