In the last ten years, the startup ecosystem in India has witnessed significant growth. And the growth has primarily been driven by evolving technology, thriving domestic market and a massive series of venture funding.
Of late, many big corporate businesses such as Microsoft, Google and Reliance have adopted venture funding route to support the startups in the country.
In the latest addition to the list is Wipro’s FMCG brand, Wipro Consumer Care and Lighting, which has allocated about Rs 200 crore to its recently launched venture fund ‘Wipro Consumer Care-Ventures’.
The firm plans to use the fund to invest in new-age innovative startups, which primarily belong to consumer brands space in India and Southeast Asia.
Just ten days old fund claims to have been getting an overwhelming response.
The venture fund team is talking to about ten startups every day, said Vineet Agarwal, CEO of the venture fund. The fund claims to help startups with a deep knowledge of operations and the ability to scale up, and a strong understanding of consumers in its operative markets.
We are offering more than what regular financiers can offer to a startup, he added.
The firm aims to invest in 3-4 startups every year.
Wipro’s FMCG firm operates mainly in personal care, skincare, homecare and lighting categories. Apart from India, the company is said to have gained a strong presence in South East Asia and the Middle East.
In 2017, the firm had made its first investment in e-commerce brand Happily Unmarried, which sells men and women grooming products.
This year a couple of tech firms including FMCG brand kicked off separate entities for investment in Indian startups. Last month, consumer brand focused early-stage venture fund Fireside Ventures had raised $100 million for its second fund.
Early this year Microsoft had launched venture fund M12 in India.
In February, FMCG giant Britania also had set up a separate entity to invest in startups.