January 18, 2021

Former Wipro CEO Abidali Neemuchwala joins Dallas Enterprise Companions, to ramp up India funding

Former Wipro CEO and managing director Abidali Neemuchwala has joined Dallas Enterprise Companions (DVP) as a enterprise companion. The India-American know-how companies trade veteran mentioned the fund is seeking to ramp up its funding in India and put in $300-500 million over 10 years in early stage startups throughout the nation.

DVP plans to take a position $2 to 10 million in corporations which might be engaged on cloud infrastructure, synthetic intelligence, machine studying, web of issues and different rising applied sciences.

“Early stage startups get the capital. However what they lack is mentoring. We are going to usher in our experience and assist them obtain the appropriate product market match,” mentioned Neemuchwala, including he and different companions would carry a crew of trade consultants to the startups and his expertise of working within the IT companies sector..

Dayakar Puskoor, a serial entrepreneur with a monitor document of profitable investments, would function the managing director of DVP, mentioned the corporate.

The erstwhile avatar of DVP invested in twenty-one startups with a number of profitable exits and with a mixed portfolio enterprise worth of greater than$ 1 billion.

“DVP will construct on Dayakar’s imaginative and prescient of bringing the Silicon Valley spirit to Dallas and I’m excited to start this journey to play my half in nurturing innovation, mentoring startups, and celebrating entrepreneurship,” mentioned Neemuchwala.

The previous Wipro chief govt mentioned the convenience of doing enterprise in India for startups has considerably improved and ‘a agency may be began from a storage’ within the nation.

Citing a report, DVP mentioned greater than 55,000 startups had been launched in India within the final 5 and half years and out of which over 3,200 startups raised $63 billion in funding. The digital growth and know-how disruption particularly within the present instances has led to elevated curiosity of buyers significantly within the know-how area.

DVP will faucet the alternatives that the burgeoning tech ecosystem is providing to abroad buyers and ‘goals to carry Silicon Valley spirit from Dallas to India’.