Wipro to Invest $200M in Wipro Ventures to Boost Startup Funding

IT giant Wipro stated that it plans to allocate $200 million (about Rs 1,740 crore) into its subsidiary Wipro Ventures to step up funding into their technology innovation sectors.

With this, Wipro Ventures will be able to pitch into funds for start-ups that are in their growth stage, which is called series A and series B funding. This is the company's fourth Wipro Venture funding round since it’s founding a decade ago.

“Financing of this kind supports our promise to assist emerging companies to scale up alongside innovations and cooperative with large IT service firms. A world where these new technologies can sustainably deliver value to all shareholders is what we work towards,” Wipro CEO and MD Srini Pallia said. Wipro Ventures invests in early-stage start-ups that Wipro believes will contribute to technological advancements. Wipro Ventures aides Wipro and its clients in accessing startups using cutting-edge technologies while enabling startups to gain access to a global customer base, the statement said.

Over the last ten years, Wipro Ventures has put money into 37 startups in the fields of AI, data & analytics, cybersecurity, and cloud infrastructure, enabled solutions for more than 250 customers of Wipro globally, and achieved 12 successful exits.

Also, it has backed a number of diverse early stage enterprises as well as cyber security focused venture funds based in India, US, and Israel.