Wipro Consumer Care Sets Up Venture Fund To Invest In Consumer-Focused Startups
Wipro Consumer Care & Lighting has set up a venture fund to invest in startups in the consumer brands space with India and South East Asia being focus markets.
The company has appointed Sumit Keshan, a former Wiproite, as the managing partner of Wipro Consumer Care-Ventures, it said in a statement.
"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," Keshan said.
Wipro Consumer Care, which operates mainly in personal care, skincare, home care, and lighting categories, intends to invest in startups in digital and e-commerce spaces 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.
In 2017, the company invested in 'Happily Unmarried' in India, which markets men's and women's grooming products under the brands 'Ustraa' and 'Happily Unmarried', respectively.