Neemuchwala joins U.S. VC firm Dallas Venture

DVP may invest up to $500 mn in India

Wipro’s former CEO and MD Abidali Neemuchwala joined Dallas Venture Partners (DVP) as a venture partner.

DVP said, it would invest in early-stage and growth-stage companies that focus on cloud infrastructure, AI/ML, mobile, IoT and emerging technologies.

The VC firm has the mandate to invest between $300-$500 million in India over a period of 10 years to create an enterprise value of $7-10 billion.

Individual ticket size will be in the range of $2 million to $10 million.

Growth journey

India, the world’s second-largest start-up ecosystem, has become a natural attraction for international investors who want to be a part of the country’s growth journey, said Mr. Neemuchwala

Quoting a report, he said, more than 55,000 start-ups were launched in India in the last five and half years alone, out of which over 3,200 start-ups raised $63 billion in funding. “The digital boom and technological disruption, especially in the current times has led to an increased interest among investors, particularly in the tech domain,’’ he added.

Dayakar Puskoor, a serial entrepreneur, also the MD of DVP, said, “A majority of start-ups require a “second act” during their growth stage. Abid (Abidali) has been a statesman of the IT services industry and a thought leader advising global CXOs on Digital Transformation. His rich experience in business and technology, and extensive network, will benefit the startup ecosystem worldwide.”