Abidali Neemuchwala, Former CEO and MD of Wipro has joined Texas-based investment firm, Dallas Venture Partners (DVP) as a venture partner.
On Monday, DVP said that it would invest $300-500 million in the startups in the country for over ten years. The firm looks to ramp up investments and plans to focus on early and growth phase startups working on cloud infrastructure, artificial intelligence (AI), machine learning (ML), mobile and emerging technologies in India.
DVP will be investing in the startups dealing with the transactions of $2-10 million and have already clocked $1 million in revenue and can scale up to $10 million. It aims to benefit from Neemuchwala’s expertise in the IT services and digital transformation as he is leading an $8-billion IT services company, Wipro Ltd.
“Neemuchwala has been a statesman of the IT services industry and a thought leader advising global CXOs on digital transformation. His rich experience in business and technology, and extensive network, will benefit the startup ecosystem worldwide,” said Dayakar Puskoor, MD of DVP.
Neemuchwala said that India is a “thriving hub” for innovations and Software-as-a-Service (SaaS) startups and the fund will help these companies to scale up. “I will play my part in nurturing innovation, mentoring startups, and celebrating entrepreneurship… With a focus on B2B SaaS companies, we will help startups acquire global customers,” he said.
DVP said that it aims to “democratize the venture capital industry by providing broader, continuous and repeat investment opportunities for family offices, high net worth individuals, corporate venture arms, fund-of-funds, pension funds, institutional investors and entrepreneurs.
Globally, DVP has so far invested in 21 startups with multiple exits and combined portfolio enterprise valuing more than $1 billion.