Wipro Consumer Care & Lighting sets up a venture fund to invest in start-ups
Focus markets are India and South East Asia
Wipro Consumer Care and Lighting has launched Wipro Consumer Care – Ventures. This initiative will invest in innovative start-ups in the consumer brands space. 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.
To kick-start this, Wipro Consumer Care has appointed SumitKeshan,a former Wiproite, as the Managing Partner of the Ventures. He said,“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 start-ups in their endeavour to grow rapidly”.
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 start-ups in digital, e-commerce, and other ventures that adopt an innovative approach to reach consumers. It will invest in companies in India and Southeast Asia that have strong entrepreneurs and a sound business model.
The Company has had significant learning of digital and e-comm space across geographies like India, Indonesia, China, Malaysia, and Vietnam. In 2017, the Company invested in Happily Unmarried in India, which markets the men’s and women’s grooming products under the brands Ustraa and Happily Unmarried respectively.