Wipro Arm Eyes Vc Funding In Consumer Care Startups | Kolkata News
Kolkata: Wipro Consumer care and Lighting under Wipro Enterprises is looking at venture capital (VC) funding in consumer care startups in Indonesia and Vietnam. It will be part of the strategy of Wipro Consumer to make inroads into southeast Asian market where the firm is already a strong player.
Vineet Agrawal, CEO, Wipro Consumer Care & lighting (WCCL), told TOI that it has set aside Rs 200 crore fund under Wipro Consumer Care Venture for funding consumer care startups out of which it has already invested Rs 100 crore in last three years. The company has done seven investments in India so far. “Outside India, our destination for funding would be in southeast Asia, but focus would be Indonesia and Vietnam,” he added.
According to Agarwal, the funding has slowed down during Covid, but post Covid again, it is picked up sharply from March 21. It has done a few investments in the last six months. For Wipro Consumer Care, international business is very strong and constitutes 52% of the revenue. Last year, consumer care and lighting businesses clocked a revenue of Rs 8,600 crore majority of which was from consumer care while lighting is Rs 1,000 crore business.
The WCCL CEO pointed out that Malaysia ($150 million) is the biggest market for them followed by China ($110 million), Vietnam ($90 million) and the Philipines. Besides, it has presence in Taiwan, Hong Kong, Middle East and South Africa as well. Enchanter is a big global brand for the company. Commenting on Indian brands, Agarwal said that Santoor is the largest brand in the portfolio.
Vineet Agrawal, CEO, Wipro Consumer Care & lighting (WCCL), told TOI that it has set aside Rs 200 crore fund under Wipro Consumer Care Venture for funding consumer care startups out of which it has already invested Rs 100 crore in last three years. The company has done seven investments in India so far. “Outside India, our destination for funding would be in southeast Asia, but focus would be Indonesia and Vietnam,” he added.
According to Agarwal, the funding has slowed down during Covid, but post Covid again, it is picked up sharply from March 21. It has done a few investments in the last six months. For Wipro Consumer Care, international business is very strong and constitutes 52% of the revenue. Last year, consumer care and lighting businesses clocked a revenue of Rs 8,600 crore majority of which was from consumer care while lighting is Rs 1,000 crore business.
The WCCL CEO pointed out that Malaysia ($150 million) is the biggest market for them followed by China ($110 million), Vietnam ($90 million) and the Philipines. Besides, it has presence in Taiwan, Hong Kong, Middle East and South Africa as well. Enchanter is a big global brand for the company. Commenting on Indian brands, Agarwal said that Santoor is the largest brand in the portfolio.
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