We do not have the guts to go and buy a young company: Wipro Chairman
By MYBRANDBOOK
Tech giant Wipro does not feel too confident about acquiring startups, in spite of its commitment to back Indian startups through funds and reskilling youth.
Speaking at an event in IIT Bombay, Wipro’s chairman Rishad Premji noted that the company’s work culture, structure and process-oriented approach might destroy start-ups’ quick approach.
“The speed and efficiency with which a young startup can pivot and reprioritise, a big company does not move with that agility,” Premji noted.
“I don’t think we’ve had the guts yet to go out there and buy a very young company. Lots of M&As [mergers and acquisitions] as a company but not the guts to buy a small, very young company. We think we would destroy them,” he said.
He also specified that instead of acquiring startups, Wipro will focus on taking their products and solutions to the global market.
Meanwhile, the company has not turned away from other opportunities to help startups across.
Wipro launched its own venture fund of $100 Mn in 2015. Under the Fund I, Wipro invested $24.5 Mn in nine startups till 2017. These startups were all based out of the US and included Vectra Networks, Emailage Corporation, Altizon Systems, Vicarious, Drivestream Inc, Avaamo, IntSights, Talena, and TradeShift.
In September 2019, Wipro Enterprises launched another venture fund through its FMCG brand Wipro Consumer Care and Lighting. The Wipro Consumer Care Ventures looks to invest in startups working in the consumer brand space.
In December 2019, Wipro also partnered with the trade association National Association of Software and Services Companies (NASSCOM) for setting up a platform to train Indian students in emerging technologies — artificial intelligence (AI), data science, internet of things (IoT) and cyber securities.
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