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Former Wipro CEO Abidali Neemuchwala dons venture capitalist hat

Former CE0 and MD of Wipro Abid Neemuchwala and Naya Ventures's Dayakar Puskoor launch early stage focus venture fund; to invest $300-$500 million in Indian start-ups over the next 10 years

Former Wipro CEO Abidali Neemuchwala dons venture capitalist hat

Abidali Neemuchwala has joined Dallas Venture Partners as s Venture Partner

Following his exit from Wipro earlier this year, former CEO of the company Abidali Neemuchwala has joined Dallas Venture Partners (DVP) as a Venture Partner. The firm is the latest venture of Dayakar Puskoor, founder and general partner at Naya Ventures. Though the firm did not disclose the fund size, DVP will be looking to back at least 100 start-ups in the early and growth stage working on cloud infrastructure, artificial intelligence, mobile and other emerging technologies. With ticket size ranging from $2 million to $10 million, DVP is expecting to invest around $300-500 million through multiple funds over the next 10 years.

Talking about the team, Abidali told Business Today that while they would be expanding the team in the coming days, the differentiator of the fund is the diverse industry experience of its partners to mentor start-ups. "While capital is always an important resource, there is a ton of capital available across the globe. What is missing is ability to put that capital to great use by great talent and by mentoring and coaching to create multibillion dollar companies" said Abidali. While ideas and products could be great, helping start-ups find the right product-market fit to make them successful will be the strength of the firm he further said.

While DVP is a Texas-based venture capital company, its India presence will be through their office in Hyderabad, with the core team of Naya Ventures being a part of the new fund. Dayakar Puskoor said though there will be no fresh investments through Naya Ventures fund.

"DVP is a new company, with same team managing Naya Ventures portfolio too. In the future those portfolio companies could be receiving funding from DVP," he said.

Naya Ventures has invested in over 20 companies such as Kore.ai, Altia Systems (Acquired for $125 million by GN Audio), Hyperverge, Felix Healthcare, CoreStack and Amplifai among others.

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