Startup Street: Wipro, Tata Motors Looking To Rope In Startups With Innovative Edge
This week on Startup Street, Wipro Ltd.’s consumer care arm and Tata Motors Ltd. have launched venture capital funds for startups to find innovative solutions for customers. The Indian Army is organising a startup workshop in Jammu and Kashmir to boost business. The government has proposed to reduce fees for intellectual property rights for startups and MSMEs; and there’s another fund in town with $305 million.
Wipro Consumer, Tata Motors Launch Startup Funds
Are startups the way for established companies to keep in touch with newer technology? India Inc. seems to think so. Software services provider Wipro Ltd.’s consumer care arm has set up a venture capital fund for consumer startups in India and Southeast Asia with new technology and ideas. Tata Motors Ltd., too, said its new startup fund — Tata Motors Automobility Collaboration Network 2.0 — would tap startups with new solutions in the automobile space. TACNet 1.0—a collaboration platform by Tata Motors—had earlier invested in startups such as CariQ, VesatoGo, igrenEnergi and IntelliPredikt Technologies. It’s looking for directly applicable solutions for blockchain in automotive, parking marketplace, natural language processing native chatbot, demand prediction algorithm, real-time monitoring of fuel quality (BS-VI) and authenticating genuine spare parts, it said in a statement. On the other hand, Wipro Consumer Care, operating mostly in the personal care, skin care and home care categories, plans to invest in startups in the digital and e-commerce space. One of its first startup investments was in “Happily Unmarried”, a men’s and women’s grooming products startup. The companies, however, didn’t disclose the size of the venture capital funds.