Tech Mahindra Manages $200 million For Investing In Startups Across The Globe
An IT services firm in India, Tech Mahindra aims to invest $200 million (£141 million) in garage startups. Board of Directors for the $4-billion (£2.8 billion) IT firm has allocated the fund to seek suitable investment proposal for the world's most exciting startups in artificial intelligence (AI), automation and computing sectors.
The Board has agreed to spend up to $200 million in startups across the globe. The governing body of Tech Mahindra has also appointed an investment committee to evaluate each proposal, reports Business Insider quoting CP Gurnani, CEO of the firm. He is also the Vice Chairman of the Indian IT Trade body NASSCOM.
Tech Mahindra has invested $30 million in a California startup working on virtual reality. It has also committed to invest $5 million to an Indian startup looking for automation of data centers. Thus the IT services provider possesses vast track record in startup investments, according to a report published in California Turkish Times.
The CEO has made the comments on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, Switzerland. His group reportedly counts telecoms giant BT, aviation titan Bombardier and automaker Volvo as clients.
The IT service provider is looking for opportunities to invest in startups over the past few months. It is also seeking external funds for some internal units and intending to pair with technology providers to expand its business, reports The Economic Times quoting Jagdish Mitra, head of strategy and marketing for Tech Mahindra.
The Indian tech giant is keen to invest in AI, mobility of software defined network and the internet of things. The "internet of things" has shorthanded for an electronic and software network that binds with physical objects, devices, vehicles, and buildings.
The world is exposed to catastrophic risks which may fell energy grids, companies and even country infrastructure. Gurnani however, is not so worried as some of his counterparts expresses in the WEF meeting.
Every opportunity accompanies certain challenges and technology always poses some risks. The Indian IT service provider is confident enough to handle the startup funding business in the light of its previously gathered experiences in this regard. So with all this cash for investment and Tech Mahindra's mega-support in cutting edge technology, WEF appears as the perfect place to find business opportunities.
Indian IT service giant, Tech Mahindra has approached to make investment in startup businesses beyond its usual geographical territory. The Board of Directors for the local tech service provider has allocated a fund of $200 million to invest in startups of certain categories. GP Gurnani, CEO for Tech Mahindra has suitably chosen WEF meeting as a platform to represent his company's business planning and investment capabilities. His efforts are aimed to expand the business arena towards AI, automation and internet of things.