A strategic minority stake of below 20 per cent will be acquired by Wipro in the software-as-a-service start-up – Squadcast
To provide IT incident response and site reliability engineering services, IT services firm Wipro Ltd has invested $1.2 million in Squadcast, as part of a business partnership with the software-as-a-service (SaaS) start-up.
A strategic minority stake of below 20 per cent will be acquired by Wipro in the software-as-a-service start-up – Squadcast, according to a regulatory filing on Wednesday. The deal is expected to conclude before 30 June.
The software-as-a-service start-up founded by Amiya Adwitiya and Sisir Koppaka in 2017, offers services that help enterprises ensure that their IT services are always up and running. Incorporated in Delaware in 2018, the firm has offices in Bengaluru and Palo Alto. It counts companies such as Udaan, SonyLiv, Carnegie Mellon University, Ninjacart and Coinbase as customers. It says its solution improves IT incident recovery times by 4X.
From investors such as Nexus Venture Partners and Chiratae Ventures, the software-as-a-service start-up has previously raised $2.1 million. ET could not ascertain whether Wipro’s investment in Squadcast is part of a larger investment round in the start-up or done by its early-to-mid stage investment fund Wipro Ventures.
In January 2020, Wipro Ventures announced the setting up of a $150 million second fund to continue backing companies building solutions in areas such as cyber-security, application development, analytics, cloud infrastructure, and artificial intelligence.
Since 2015, Wipro Ventures has invested in around 20 start-ups, including conversational AI Company Avaamo, industrial Internet of Things platform Altizon and open source database company Yugabyte.