Wipro will purchase a strategic minority stake of underneath 20% in Squadcast, in keeping with a regulatory submitting on Wednesday. The deal is predicted to conclude earlier than June 30.
Founded by Amiya Adwitiya and Sisir Koppaka in 2017, Squadcast provides providers that assist enterprises make sure that their IT providers are at all times up and operating. The firm was integrated in Delaware in 2018 and has workplaces in Bengaluru and Palo Alto. It counts firms akin to Udaan, SonyLiv, Carnegie Mellon University, Ninjacart and Coinbase as clients. It says its answer improves IT incident restoration instances by 4X.
Squadcast has beforehand raised $2.1 million from traders akin to Nexus Venture Partners and Chiratae Ventures. ET couldn’t confirm whether or not Wipro’s funding in Squadcast is an element of a bigger funding spherical in the startup or achieved by its early-to-mid stage funding fund Wipro Ventures.
In January final yr, Wipro Ventures introduced the organising of a $150 million second fund to proceed backing firms constructing options in areas akin to cybersecurity, utility growth, analytics, cloud infrastructure, and synthetic intelligence.
Since 2015, Wipro Ventures has invested in round 20 startups, together with conversational AI firm Avaamo, industrial Internet of Things platform Altizon and open supply database firm Yugabyte.