Second largest software services firm Infosys Ltd will invest Rs 31.6 crore from its Innovation Fund in India-based early-stage venture fund Stellaris Venture Partners, which has invested in companies like BigBasket and erstwhile TaxiForSure.
The company in a regulatory filing to Bombay Stock Exchange said, "Infosys has signed a definitive agreement to invest of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund." The investment is likely to be completed by December 15, 2016.
According to the IT bellwether, this venture fund eyes backing entrepreneurs building applications for global businesses, domestic small and medium enterprises and consumers in financial services, retail, healthcare and education sectors.
"Stellaris' investment team has significant experience working in global technology companies and a strong track record in venture capital, with investments made in companies such as TaxisForSure and Bigbasket to name a few," the company said.
Commenting on the development, Executive Vice President and Global Head of Corporate Development and Ventures at Infosys, Ritika Suri said, "With this investment, we look forward to gaining early access to innovative new companies in India that are inventing the future of enterprises globally."
Co-founder of Stellaris, Alok Goyal said this association will help both the VC fund and its portfolio companies.
With changing landscape, domestic IT companies are betting big on new age technologies to have a first mover advantage over competitors. From buying out niche tech firms to investing in such companies through venture capital funds are part of such initiatives.
In past, Infosys had invested in Silicon Valley based early-stage venture capital firm Vertex Ventures from its $500 million Innovation Fund in December, 2015.