Wipro Consumer Care- Venture, a fund set up by the Wipro Enterprises’ brand Wipro Consumer Care and Lighting with allocation of INR 200 crore, will invests in 10 startups in the personal and homecare space, as reported by ET.
While, the Wipro Consumer and Lighting is also aiming to own a majority stake in around three startups.
“We want to exit in around five years time and monetise our investment and hence will take only a minority stake of around 20-30% in these three companies,” said Vineet Agrawal, CEO of Wipro Consumer Care & Lighting.
Agrawal further revealed that they will look at companies that have annual revenue of more than INR 1 crore and will not invest like an angel fund.
The company Wipro also has plans to invest in startups in the skincare category in Southeast Asia, as per the sources.