Wipro Set to Invest in Consumer Brands

Team Startup CityWipro Enterprises’ FMCG brand, Wipro Consumer Care and Lighting has allocated INR 200 Cr ($28 Mn) to its venture fund — Wipro Consumer Care-Ventures. The fund will reportedly be invested in 10 startups in the personal and homecare space. Wipro Consumer and Lighting is also looking to own a minority stake in around three companies. However, the company is not looking for long term investments and will fund them with a view to exiting in about five years time. Vineet Agarwal, CEO of Wipro Consumer Care & Lighting, said that they want to exit in around five years time
and monetize their investments and therefore, it will take only a minority stake of around 20-30 percent. The venture fund is not looking to invest in startups
that are chasing for angel investments. Agrawal further told that they will look at companies that have annual revenue of more than INR one crore and will not invest like an angel fund.

Wipro Consumer and Lighting, which is the $one billion-plus consumer goods and lighting arm of Wipro Enterprises will focus on personal and home care categories in India. The company also plans to invest in startups in the skincare category in Southeast Asia. In addition to Wipro, other companies with deep pockets have also been investing in the startup ecosystem. Google, Walmart, Alibaba, Microsoft, Reliance, Hero Group, and Times Internet have invested in startups.

Earlier in July 2019, South Korean technology giant Samsung has also started a new growth plan in India with its venture capital arm, Samsung Venture Investment Corporation (SVICIndian FMCG major Britannia announced its plans in February 2019 to set up a separate entity and team over the next six months to invest in startups across categories and platforms. Also in January 2019, Microsoft too launched its corporate venture fund M12 in India. M12 announced that it will be extending its investing coverage to India to help entrepreneurs innovate and grow with Microsoft’s reach, expertise, and technologies.