Former Wipro CEO Abidali Neemuchwala joins Dallas Venture Partners to back AI startups

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September 14, 2020 10:39 PM

DVP, which has offices at Dallas in the US and Hyderabad, envisions helping Indian start-ups go global and create about USD 7-10 billion enterprise value in the 10 years. 

Neemuchwala had quit as the chief executive officer and managing director of IT services major Wipro early this year. 

Dallas Venture Partners (DVP) on Monday said it will invest USD 300-500 million over the next 10 years in start-ups working in areas of artificial intelligence and other emerging technologies, and has onboarded former Wipro CEO Abidali Neemuchwala as a venture partner. DVP will focus on early-stage and growth-stage start-ups working on cloud infrastructure, artificial intelligence/machine learning (AI/ML), mobile and emerging technologies. It intends to invest USD 2-10 million in start-ups that have already clocked USD 1 million in revenue and have the potential to scale up to USD 10 million. Dayakar Puskoor will serve as the managing director of DVP.

“A majority of start-ups require a ‘second act’ during their growth stage. With deep technology expertise, industry knowledge and market understanding, DVP will provide this much-needed momentum to start-ups identified through targeted and insightful diligence efforts,” Puskoor said.

Neemuchwala had quit as the chief executive officer and managing director of IT services major Wipro early this year. DVP, which has offices at Dallas in the US and Hyderabad, envisions helping Indian start-ups go global and create about USD 7-10 billion enterprise value in the 10 years. It will provide extensive support to its portfolio companies through co-investments from Silicon Valley investors, participation in incubator and accelerator programmes and networking opportunities at industry and business conferences.

“DVP gives me an opportunity to contribute back to both India and Dallas in my area of expertise, which is technology, and help create many more unicorns out of both these places,” Neemuchwala said in a virtual briefing.

He added that the spirit of bringing investors, start-ups and enterprise customers, and partners together to create an ecosystem where start-ups can thrive and go to the next level is what we intend to bring to Dallas and India. He said India is already positioned among the top destinations of venture capital investment.

“A very small percentage of start-ups have been funded by venture capital and there is an opportunity to help more start-up enterprises to be able to have access, especially in early stages, to this capital to grow and thrive and meet their objectives,” he said adding that India is a “thriving hub” for innovation and technology.

Neemuchwala said Indian IT services industry did not limit itself to service India but expanded globally to serve requirements of customers across geographies. “I think now that it is right for India to come up across as the global powerhouse for servicing in B2B SaaS (software-as-a-service), and that is what we see as a huge opportunity
“So…my team can help the entrepreneurs to be able to devise a product road map that can help them create a great product market fit and take them to the next level of growth, which is USD 10 million,” he said.

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