Business Standard July 28, 2014
Following the footsteps of some of its global peers, India’s third largest information technology (IT) services company, Wipro, has set up a venture capital (VC) fund that will look at investing in early-to-middle stage technology start-ups globally.
According to highly-placed sources in the know, the initiative is being driven by Chief Strategy Officer Rishad Premji, also the elder son of Wipro chairman Azim Premji. The company has set aside an initial corpus of $100 million (around Rs 600 crore) for the fund which has started exploring investment opportunities in start-up companies which focus on niche technologies such as data, open source and industrial internet, among others.
“Wipro has been looking to engage with startups and this fund would help the company further this cause,” it said. A source said, “Rishad Premji is taking care of the entire activity on a day-to-day basis.”
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