Wipro Consumer Care and Lighting sets up venture fund to invest in startups1 min read . Updated: 19 Sep 2019, 10:12 PM IST
- Wipro Consumer Care and Lighting said it will invest in companies in India and Southeast Asia that have 'strong entrepreneurs' and startups with a 'sound business model'
- The venture will focus on companies with a 'differentiated approach where both parties can learn by leveraging their strengths and add value to each other'
Bengaluru: Wipro Consumer Care and Lighting has launched Wipro Consumer Care–Ventures to invest in startups in the consumer brands space. The company said on Thursday it will invest in companies in India and Southeast Asia that have "strong entrepreneurs" and startups with a "sound business model".
The venture will focus on companies with a “differentiated approach where both parties can learn by leveraging their strengths and add value to each other", the company added.
To kick-start this venture, Wipro Consumer Care has appointed Sumit Keshan, a former Wipro executive, as the Managing Partner of the venture. “Our investment in 'Happily Unmarried' was our first step to establishing this venture capital fund. Apart from financial capital, what we bring to the table is deep knowledge of operations and the ability to scale up, and a strong understanding of consumers in India and South East Asia markets. These would support startups in their endeavour to grow rapidly", Keshan said.
In 2017, the company invested in a New Delhi-based startup called Happily Unmarried, which markets men’s and women’s grooming products under the brands Ustraa and Happily Unmarried, respectively.
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.