Wipro Ventures secures $200 million in fresh funds, eyes bigger bets on startups
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Bengaluru-headquartered Wipro Technologies has announced a fresh commitment of $200 million to its venture investment arm, Wipro Ventures. This marks the fourth round of fundraising for the US-based venture firm. Wipro Ventures focuses on investments in early- to growth-stage startups in the enterprise software space, particularly in sectors such as financial services, healthcare, manufacturing, and high-tech.
To date, Wipro Ventures has invested in 37 startups and recorded 12 exits over the past 10 years. In addition to directly funding startups, the venture arm has also invested in funds in the US, Israel, and India.
In a written statement, Wipro Limited’s CEO and Managing Director, Srini Pallia, 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 Ventures was launched in 2015 and was initially overseen by Wipro’s then-Chief Strategy Officer and Director, Rishad Premji. The company considers the venture arm a crucial component of its growth strategy, leveraging the innovation of its investee companies to benefit its clients by connecting startups with enterprises to drive business value.
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With its maiden fund of $100 million, Wipro Ventures invested in over 15 startups, including Demisto, a Security Operations Platform that was acquired by Palo Alto Networks, and Moogsoft, an AIOps solutions company that was acquired by Dell Technologies.
According to Wipro’s last annual report as of March 31, 2024, Wipro Ventures had invested in 10 enterprise-focused venture funds, including B Capital, Boldstart Ventures, Glilot Capital Partners, GTM Fund, Nexus Venture Partners, Pi Ventures, Sorenson Ventures, SYN Ventures, TLV Partners, and Work-Bench Ventures.
With this fourth round of fundraising, Wipro’s total investment in startups across geographies is now approaching half a billion dollars.