Bengaluru: Wipro Consumer Care and Lighting has allocated ₹200 crore for the venture fund it launched on 19 September, said CEO Vineet Agrawal. He said the fund has already received a “lot of traction and the team is already talking to about 10 startups per day.”
The company is, however, looking at investing only in 3-4 startups per year. Agrawal said the potential of the startup and Wipro’s ability to add value are the two main criteria they are looking at. “A startup is coming to us because they can get more than what a regular financer can offer,” he said.
The venture fund titled ‘Wipro Consumer Care-Ventures’ will invest in startups in the consumer brands space focussed in the India and Southeast Asia markets. “We are not entering China mainly because of issues such as language barriers,” Agrawal said.
Within consumer brands business, the primary area of focus would be categories that are of interest to the company. Wipro Consumer Care and Lighting operates mainly in personal care, skincare, home care, and lighting categories. The company intends to invest in new-age startups in digital, e-commerce, and other ventures that adopt an innovative approach to reach consumers.
Wipro Consumer Care & Lighting is a $1 billion plus arm of Wipro Enterprises, and is among the fastest growing fast moving consumer goods (FMCG) businesses in India. It has a strong presence with significant market share across segments in India, South East Asia, and the Middle East.