Wipro Consumer Care Ventures, the venture capital arm of Wipro Consumer Care & Lighting, was founded in 2019 to invest in emerging companies.
The firm’s portfolio of 12 investments across India and Southeast Asia includes Ustraa, MyGlamm (acquired by the Good Glamm Group), Gynoveda, Soulflower, The Baker’s Dozen, TAC – The Ayurveda Co, LetsShave, Youvit (Indonesia), Power Gummies, and OneLife Nutraceuticals.
The focus is on innovative and transformative businesses with a potential to create an indelible mark, Sumit Keshan, Managing Partner of Wipro Consumer Care Ventures, tells businessline. Edited excerpts from the interview:
What is your investment thesis?
We support startups by leveraging our deep domain knowledge. As a large corporate entity, we recognise that we lack the agility and operational style of startups. This realisation shaped our approach as minority investors, where we act as external advisors rather than attempting to replicate a startup’s framework.
With a presence in multiple countries, we leverage our global reach and expertise to assist startups effectively.
We started with Fund I, sized ₹200 crore, followed by Fund II at ₹250 crore.
At what stage do you typically prefer to invest?
We prefer to invest when a company is beyond the early stage and has established some level of revenue, typically around ₹1 crore or more per month. This is usually at the pre-Series A stage or later. We are flexible in our approach — we can lead a funding round or participate as a co-investor, depending on the opportunity.
What is your average cheque size, and how do you approach follow-on funding?
Our average ticket size ranges between ₹10 crore and ₹20 crore, both initial and follow-on investments.
Follow-on funding depends on the performance and specific needs of each company. Not all companies need it, so the decision is made on a case-by-case basis.
What kind of support do you provide to startups, and how do you approach governance? Do you prefer to take a board seat?
Our approach involves minority investments, where we act as mentors and advisors. While we typically take a board seat, our focus is on adding value without interfering in daily operations, leveraging our industry knowledge and market insights.
Governance is a key area where we offer support, especially for early-stage startups. By assisting with statutory compliance and operational discipline, we enable startups to see governance not as a cost but a critical enabler of growth.
How many investments are you planning for 2025?
We expect to make four to five new investments in 2025, with two or three deals already in advanced stages of discussion. Our focus is on innovative startups in the digital space in the personal care, food, fragrances, health and wellness or allied segments.
Typically, we make three to four new investments annually and explore follow-on investments. We aim to fully deploy Fund I by the end of this financial year (March 2025) and begin deploying Fund II in the new financial year.