Former Wipro Chief Government Officer (CEO) Abidali Neemuchwala joins as enterprise associate in Dallas Enterprise Companions (DVP), a fund that focuses on B2B early and growth-stage startups in India and Dallas, US.
The fund will make investments $300-500 million in India over the following 10 years.
Neemuchwala, who took over as Wipro’s CEO in 2016, resigned on January 30, 2020, a yr earlier than finishing his five-year time period within the Bengaluru-based agency citing “household commitments”. He left the agency on June 1. He was succeeded by Capgemini government Thierry Delaporte, who took over as CEO on July 6.
Speaking about his transfer from heading $eight billion IT agency to being a enterprise associate, Neemuchwala mentioned, “I’ve been actually blessed. After a 28 yr profession in two wonderful corporations that had been as soon as startups after I began my profession in 1992. I’ve learnt an amazing deal.”
The thought, Neemuchwala mentioned, is to contribute again by nurturing comparable startups within the space of software program merchandise, particularly B2B merchandise, and create unicorns.
India already has the expertise, capital, and popularity. The goal, he mentioned, is to carry all of this collectively as a enterprise associate in DVP by mentoring the startups and founders, and making a roadmap for them to scale together with the DVP staff.
“Extra importantly, to do one thing within the space of my experience in each Dallas, and India, which is my motherland. That’s the complete concept why I made a decision to change into part of DVP,” Neemuchwala defined.
Dayakar Puskoor, Managing Director, DVP, mentioned, “We have now already within the pipeline possibly 50-60 corporations. However there are 5-6 corporations which can be actually shut and we can make investments. Hopefully, we can announce quickly.”
The fund will spend money on 5-6 corporations per yr, he added.
DVP has already invested in 21 corporations and may have an workplace in each Dallas and Hyderabad, India.
The dimensions of investments is $2-10 million in startups which can be in space of cloud, synthetic intelligence and machine studying, AR/VR, and different rising applied sciences. The main target might be on software-as-a-service (SaaS) corporations. Globally SaaS market accounts for about $400 billion and in India, it accounts for about $4-$10 billion.
DVP will assist these startups scale up from $1 million annual recurring income to $10 million. The enterprise fund, Neemuchwala mentioned, will assist these corporations discover the product-market match, funding, and support them in successful key shoppers within the US market, the place these startups wrestle.
First Revealed on Sep 14, 2020 09:08 pm