Abidali Neemuchwala, the former CEO and MD of leading Indian IT firm Wipro has joined US-based Dallas Venture Partners (DVP) as a venture partner.
As a venture partner, Abidali Neemuchwala will help the firm focus on early-stage and growth-stage companies dealing with cloud infrastructure, artificial intelligence, machine learning, and mobile.
Abidali Neemuchwala had resigned as the chief executive officer, and managing director of IT services major Wipro early this year. The company Dallas Venture Partners (DVP), who onboarded the Wipro Ex-CEO, has recently launched its operations in Indi and eying a strategic investment in Indian startups.
According to a report, India has over 55,000 startups in the last five and a half years. Out of these, over 3,200 startups raised $63 billion in funding. The recent Covid-19 pandemic triggered the digital boom and technology disruption, which has led to investors’ increased interest, particularly in the tech-domain.
DVP has offices at Dallas in the US and Hyderabad and expects to help Indian startups grow globally by making around $300-500 million in the country and creating about $7-10 billion enterprise value within the next 10 years.
Abidali Neemuchwala said, “I’m thrilled to be part of DVP, which focuses on Dallas, Texas, which is my adopted home, and India, which is my motherland. And it allows me to contribute back to both these places in an area of my expertise, which is ‘technology’ and help create many more unicorns,” said Neemuchwala. “We always asked when India will have the next Google. We now have about 20- 30 unicorns coming out of India already. India is going to become a very thriving hub for innovation and technology. All of this has been possible, not only because of the entrepreneurial spirit of Indians but also because of the supportive government policies.”
He also added that bringing investors, startups and enterprises, and partners together is the need of the hour to create an ecosystem where startups can flourish and go to the next level is what we intend to bring to Dallas and India. He said India is already positioned among the top destinations of venture capital investment.