Former Wipro CEO and Managing Director Abidali Neemuchwala has joined Dallas Venture Partners (DVP) as a venture partner. Neemuchwala had quit Wipro earlier this year. "DVP gives me an opportunity to contribute back to both India and Dallas in my area of expertise, which is technology, and help create many more unicorns out of both these places," Neemuchwala said.
He added that the spirit of bringing investors, start-ups and enterprise customers, and partners together to create an ecosystem where start-ups can thrive and go to the next level is what we intend to bring to Dallas and India. The industry veteran said that India is already positioned among the top destinations of venture capital investment.
"A very small percentage of start-ups have been funded by venture capital and there is an opportunity to help more start-up enterprises to be able to have access, especially in early stages, to this capital to grow and thrive and meet their objectives," he also said.
"My team can help the entrepreneurs to be able to devise a product roadmap that can help them create a great product market fit and take them to the next level of growth, which is USD 10 million," Neemuchwala noted.
DVP had earlier this week said it will invest $300-500 million in the coming 10 years in start-ups working in areas of artificial intelligence and other emerging technologies. DVP plans to focus on early-stage and growth-stage start-ups working on cloud infrastructure, artificial intelligence or machine learning (AI or ML), mobile and emerging technologies.
The company intends to invest $2-10 million in start-ups that have already clocked $1 million in revenue and have the potential to scale up to $10 million.
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