Wipro Consumer Care - Ventures, the venture funding arm of Wipro Consumer Care & Lighting, said it has made its first overseas investment in Singapore-based venture capital (VC) Fund DSG Consumer Partners IV (DSG).
DSG has been focused on Asian consumer segment with marquee investments in South-east Asia as well as India, Wipro said in a statement.
This is the first overseas investment from Wipro Consumer Care – Ventures, a unit of the personal care arm of Azim Premji-led Wipro Enterprises Pvt Ltd.
“This is also the first time we are investing in a fund as Limited Partners (LP). Wipro Consumer Care & Lighting has a strong presence in South-east Asia, and we would be able to support startups in the region,” said Vineet Agrawal, CEO, Wipro Consumer Care & Lighting.
“We are excited to announce two investments this week. DSG Consumer Partners is a well-established fund with large number of marquee investments. TAC – The Aryurveda Company is a promising startup in the ayurveda segment with niche offerings for consumers.
We see exciting and promising times ahead in FMCG space with several innovations and unique business models emerging among startups,” said Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures.
Wipro Consumer Care claims to be among the top three personal care companies in South-east Asia markets spread across Malaysia, Indonesia, Vietnam, Philippines, Singapore and South China.
It set up the Ventures fund in 2019 to invest in startups specifically in India and South-east Asia.
So far, the fund has made seven investments in Indian companies such as - Happily Unmarried, MyGlamm, LetsShave, OneLife Nutraceuticals, PowerGummies, Soulflower and T.A.C.-The Ayurveda Co.
Meanwhile, the DSG Consumer Partners Fund was launched in 2012, which invests in consumer brands and businesses in India and Southeast Asia.
In February last year, Wipro Consumer Care had invested an undisclosed amount in healthcare brand Onelife Nutriscience Pvt Ltd. A year prior to that, Wipro Consumer Care had invested in Chandigarh-based male grooming startup LetsShave Pvt. Ltd.
