Software exporter Wipro has reportedly invested in San Francisco’s cloud-based business commerce platform Tradeshift. The deal was made through Wipro Ventures, Wipro’s strategic investment arm.
Besides, Wipro has also signed a partnership with Tradeshift to offer cloud-based source-to-pay services. The partnership is aimed at helping Wipro’s customers push digitalization and automation in services provided under source-to-pay solution such as procurement, finance and accounting functions.
Founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest, Tradeshift is a cloud-based business network connecting buyers and suppliers. Its product offerings include Enterprise, Mid-Market and Small Business customers and suppliers across the procure-to-pay spectrum, including procurement, e-invoicing and supplier management. Currently, the company supports 800,000 businesses in over 200 countries on the platform.
The raised capital will be used to develop Tradeshift’s innovative applications, trade financing solutions, platform and business-to-business marketplace ecosystem.
Wipro Venture arm evaluates and invests in startups that work on emerging areas such as artificial intelligence, security and automation. The $100 Mn fund, which has Wipro scion Rishad Premji spearheading it, has made investments in nine companies as of now.
Nagendra P Bandaru, senior VP & Global head, Business Process Services, Wipro said, “With transformation as the prime objective enterprises are ready to adopt, the next generation of process automation services accelerating the digitisation of business processes. Joining forces with an innovative company such as Tradeshift will provide our customers access to their global, cloud-based supply chain platform.”
After acquiring Appirio, a $500 Mn buy to strengthen cloud-based services, this the second investment for cloud-based service delivery for Wipro.