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Azim Premji's office bets on AI ventures for $10 bn Premji Invest fund: Report

Livemint

Livemint · 1y ago

Azim Premji's office bets on AI ventures for $10 bn Premji Invest fund: Report

Premji Invest, the family office of Azim Premji, plans to increase its investments in artificial intelligence (AI) companies. The focus will be on refining its proprietary AI investment tools and developing an AI quant model for public market bets. Premji Invest has been using AI tools in private equity and is among the first large Indian asset managers to do so. The firm aims to gain a bird's eye view of emerging technologies and trends through its AI investments. Premji Invest has backed AI sector firms such as Cohesity Inc., Holistic AI, Ikigai, and Pixis.

Related News

Azim Premji’s family office crosses $10 bn in managed assets

The Arc Web

The Arc Web · 1y ago

Azim Premji’s family office crosses $10 bn in managed assets

Premji Invest, the family office of Wipro founder chairman Azim Premji, has rapidly grown its assets under management to over $10 billion, with a potential value exceeding $14 billion. With investments in both public and private companies in India and the US, the firm's overseas assets under management are estimated at around $4 billion. The philanthropic entity Azim Premji Foundation serves as the sole limited partner of Premji Invest, contributing approximately $2-3 billion to its investments. Premji Invest, accounting for roughly one-third of Wipro's market cap, supports the foundation through its profits and proceeds.

Azim Premji's wealth fund gets nod to set up shop in GIFT City

VCCircle

VCCircle · 1y ago

Azim Premji's wealth fund gets nod to set up shop in GIFT City

Billionaire Azim Premji's wealth fund has received approval to establish a family investment fund in India's Gujarat International Finance Tec-City (GIFT City). This move allows the fund to invest overseas without regulatory approval. GIFT City, a financial hub in Prime Minister Narendra Modi's home state, has been implementing initiatives to attract foreign brokers and companies. Premji's family office declined to comment. The fund has $10 billion in assets, with the proposed GIFT entity planning an initial investment of $200 million. Approximately 80 funds with $24 billion in commitments have been set up in GIFT City.

GIVA raises ₹270 cr led by Wipro Founder Chairman's Premji Invest

Inshorts · 2y ago

GIVA raises ₹270 cr led by Wipro Founder Chairman's Premji Invest

Jewellery brand GIVA has raised ₹270 crore in a funding round led by Wipro Founder Chairman Azim Premji's Premji Invest. The startup raised ₹200 crore in primary capital in the Series B funding round, which saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners. GIVA raised another ₹70 crore through a secondary sales transaction and gave partial exit to Kunal Shah and FirstCheque.

Azim Premji gifts Wipro shares worth ₹500 cr to sons Rishad, Tariq

Livemint

Livemint · 1y ago

Azim Premji gifts Wipro shares worth ₹500 cr to sons Rishad, Tariq

Azim Premji, founder chair of Wipro Ltd, has gifted over 10 million shares worth approximately ₹500 crore to his two sons, Rishad and Tariq. This move reduces Premji's ownership in Wipro to 4.12%. The Premji family now collectively holds 4.43% shares in the company. In 2019, Premji donated two-thirds of his wealth, valued at $21 billion, to charitable causes. His current wealth is estimated to be around $11.3 billion, including shares in Wipro and Wipro Enterprises Ltd.

Premji Invest scores a multi-bagger with $250 mn exit

VCCircle

VCCircle · 9m ago

Premji Invest scores a multi-bagger with $250 mn exit

Premji Invest, the family office of Wipro founder chairman Azim Premji, has scored a significant profit from the exit of one of its portfolio companies. The investment firm, known for its long-term investments, achieved outsized returns from a new-age company that it backed almost nine years ago. This successful exit adds to Premji Invest's track record of generating impressive profits from its investments.

PremjiInvest, L Catterton eye investment in personal care brand

VCCircle

VCCircle · 1y ago

Billionaire Azim Premji's family office PremjiInvest and consumer investor L Catterton are considering an investment in a direct-to-consumer beauty and personal care brand. The skincare brand Minimalist is expected to secure funding from the two investors.

Premji Invest in advanced talks for big stake in Bank of Baroda’s Nainital Bank

Economic Times

Economic Times · 1y ago

Premji Invest in advanced talks for big stake in Bank of Baroda’s Nainital Bank

Premji Invest, the family office of Wipro founder Azim Premji, is reportedly in advanced discussions to acquire a majority stake in Nainital Bank, a subsidiary of Bank of Baroda. The proposed investment is estimated to value the Uttarakhand-based lender at around Rs 800 crore. While Premji Invest has signed a term sheet and completed due diligence, a final decision is pending. Bank of Baroda, which currently owns about 98% of Nainital Bank, is expected to divest its entire shareholding. This marks Premji Invest's first investment in a bank, as they mainly focus on the technology and startup sectors.

Ex-PremjiInvest partners team up with Malacca Ventures’ exec to float PE firm

VCCircle

VCCircle · 1y ago

Ex-PremjiInvest partners team up with Malacca Ventures’ exec to float PE firm

Atul Gupta and Rajesh Ramaiah, former executives of PremjiInvest, have partnered with a former investment executive of Malacca Ventures to launch their own private equity firm. The firm aims to invest in growth-stage companies across various sectors in India. Gupta and Ramaiah bring with them their experience from PremjiInvest, the family office of Azim Premji, the founder chairman of Wipro Ltd. The new venture, Trident Growth Partners, will focus on supporting and scaling Indian businesses.

PremjiInvest backs business group to acquire home financier

VCCircle

VCCircle · 1y ago

PremjiInvest backs business group to acquire home financier

Wipro Ltd's founder chairman Azim Premji's family office, PremjiInvest, has announced its support for an Indian business conglomerate's acquisition of a home loan financier. Known for investing in both early and late-stage unlisted companies, as well as publicly listed companies across various sectors, PremjiInvest is backing the Mumbai-listed firm in its strategic move.

PremjiInvest, Kotak Special Situations Fund eye an exit

VCCircle

VCCircle · 1y ago

PremjiInvest, Kotak Special Situations Fund eye an exit

PremjiInvest and Kotak Special Situations Fund are looking to sell off one of their portfolio companies for partial harvest. PremjiInvest, the family office of Wipro founder Azim Premji, has lined up this potential exit after recently selling one of its successful investments. The details of the company or the reasons behind the exit have not been provided in the paragraph.

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