Wipro Ventures, the strategic investment arm of Wipro Limited, has announced the closure of its $150 million Fund II.
Buoyed by the success of its first $100 million fund launched in 2015, Wipro Ventures will continue to invest in early to mid-stage companies.
Investments will be made in companies within areas including cybersecurity, application development, analytics, cloud infrastructure, test automation, and AI.
Abidali Z Neemuchwala, Chief Executive Officer and Managing Director, Wipro Limited, said: “Wipro Ventures has become an integral part of our innovation ecosystem.
“Our strategy has been to invest in promising enterprise software startups, establish strategic partnerships with them and bring their leading-edge solutions to our customers. By doing this, we differentiate our customer services, generate revenue for our portfolio companies and deliver strategic as well as financial returns to Wipro. Wipro Ventures’ Fund II demonstrates our continued commitment to this strategy.”
Wipro Ventures has so far invested in 16 early- to mid-stage startups, including 11 in the US, 4 in Israel and 1 in India.
More than 100 of Wipro’s global customers have benefited by deploying solutions from these portfolio companies.
In addition to making direct equity investments, Wipro Ventures has also invested in five early-stage enterprise-focused venture funds in Israel, New York and Los Angeles.