Home News Former Wipro CEO Joins Dallas Venture Partners As Venture Partner

Former Wipro CEO Joins Dallas Venture Partners As Venture Partner

Former Wipro CEO Joins Dallas Venture Partners As Venture Partner

Former Wipro Chief Executive Officer (CEO) Abidali Neemuchwala joins as venture partner in Dallas Venture Partners (DVP), a fund that focuses on B2B early and growth-stage startups in India and Dallas, US. The fund will invest $300-500 million in India over the next 10 years.

Neemuchwala, who took over as Wipro’s CEO in 2016, resigned on January 30, 2020, a year before completing his five-year term in the Bengaluru-based firm citing “family commitments”. He left the firm on June 1. He was succeeded by Capgemini executive Thierry Delaporte, who took over as CEO on July 6.

The idea, Neemuchwala said, is to contribute back by nurturing similar startups in the area of software products, especially B2B products, and create unicorns.

India already has the talent, capital, and reputation. The aim, he said, is to bring all of this together as a venture partner in DVP by mentoring the startups and founders, and creating a roadmap for them to scale along with the DVP team.

Dayakar Puskoor, Managing Director, DVP, said, “We have already in the pipeline maybe 50-60 companies. But there are 5-6 companies that are really close and we will be able to invest. Hopefully, we will be able to announce soon.”

The fund will invest in 5-6 companies per year, he added. DVP has already invested in 21 companies and will have an office in both Dallas and Hyderabad, India.

The scale of investments is $2-10 million in startups that are in area of cloud, artificial intelligence and machine learning, AR/VR, and other emerging technologies. The focus will be on software-as-a-service (SaaS) companies. Globally SaaS market accounts for about $400 billion and in India, it accounts for about $4-$10 billion.

DVP will help these startups scale up from $1 million annual recurring revenue to $10 million. The venture fund, Neemuchwala said, will help these companies find the product-market fit, funding, and aid them in winning key clients in the US market, where these startups struggle.

Eskalera, a Startup Led by Goldman Sachs’ Former HR Head Has Launched a Diversity and Inclusion Index

Eskalera, a technology startup led by Goldman Sachs former human resources head Dane Holmes, has launched an index to measure corporate diversity and inclusiveness,...

HSBC to Remove 35,000 Jobs Amidst Covid-19 Crises

HSBC Holdings Plc has restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak forced it to pause a long-awaited overhaul...

Genpact Offers Its Internal Skill Training Program Globally for Everyone

Genpact has announced Adapt and Rise, a role-based online learning platform that leverages Genpact's expertise honed from delivering real-world change for hundreds of clients....

San-Francisco Based Learning Platform Degreed Has Raised $32 Million in New Funding

The upskilling platform, Degreed, has announced $32 million in new funding in direct response to overwhelming demand for better skill insights, talent mobility, and...

Research Shows the Implications of Workplace Layouts on Employee Productivity and Overall Performance

As some workplaces prepare for the gradual return of employees and overhaul office layouts and seating plans, research has shown this could also have...

Employee Concierge ‘Back Technologies’ Integrates Automation Into Internal HR and Other Support Tasks

Companies are under increasing pressure to automate workflows and digitally service their employees, particularly in light of trends toward remote work. It takes an...

HR Strategies to Help Your Business Navigate the New ‘Normal’

No business is immune to the massive changes resulting from the health crisis. Organizations have proven themselves to be agile, and employees have demonstrated...

The Importance Of Diversity And Inclusion In HR, Hiring, Talent Management: Thoughts From A Top Expert

Michael C. Hyter is one of today’s best-known experts on inclusion and diversity and the author of The Power of Choice: Embracing Efficacy to Drive Your Career and The...

HR Expert Highlights Actionable Steps to ‘Make Real Change’ Against Racism in Your Workplace

Kyra Leigh Sutton, Ph.D., is a faculty member at the Rutgers University School of Management and Labor Relations, where she teaches human resources courses...

Adidas Employees Want Company to Investigate HR Chief for Response to Racial Issues

A group of Adidas employees from around the globe is asking the company to investigate its chief human resources officer, as part of a...