The corporate ventures wing of Wipro Ltd, worth $100 million, in a surprise move, invested in an Israeli-based VC firm known as TLV Partners.
Wipro’s newest annual report suggests this development by stating that Tel Aviv-based venture capital fund received undisclosed amounts from 2015-2016.
Wipro is now in the league of its rival Infosys as a VC investor. Infosys has been actively involved in nurturing budding companies and technologies since quite some time.
This deal will facilitate the access to new and improved technologies for Wipro and not to mention, exposure to bigger clients like Citigroup Inc., Exxon Mobil Corp etc. Most importantly, Wipro will now receive portfolios of budding enterprises.
Wipro released a statement saying, “We engage with these companies based on the level of maturity of the solution and the specific needs of our clients”.
TLV partners was established by Eitan Bek and Rona Segev and received a whopping initial fund of $50 million. Israel’s Enterprise Software Industry will prove most beneficial to India’s $160 Billion IT industry and Wipro is taking all measures necessary to strengthen ties.
Let’s just hope that this move by Wipro will bring interesting prospects to the future of start-ups In India.