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Wipro Ltd. has invested $1.2 million in Squadcast, as part of a business partnership with the software-as-a-service (SaaS) startup to provide IT incident response and site reliability engineering services. Wipro will acquire a strategic minority stake of under 20 per cent in Squadcast. The deal is expected to be sealed before June 30.
Founded by Amiya Adwitiya and Sisir Koppaka in 2017, Squadcast offers services that help enterprises ensure that their IT services are always up and running. The company was included in Delaware in 2018 and has offices in Bengaluru and Palo Alto. It partners companies such as Udaan, SonyLiv, Carnegie Mellon University, Ninjacart, and Coinbase as customers. Squadcast has previously raised $2.1 million from investors such as Nexus Venture Partners and Chiratae Ventures.
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Wipro Ventures last year announced the setting up of a $150 million second fund to continue backing companies building solutions in areas such as cybersecurity, application development, analytics, cloud infrastructure, and artificial intelligence. Since 2015, Wipro Ventures has invested in around 20 startups.
