Bangalore – November 23, 2016
Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has signed a definitive agreement to a Limited Partner investment of INR 31.6 crores from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris’ fund.
India’s startup ecosystem is witnessing rapid growth led by areas such as cloud computing, Internet of Things (IoT), artificial intelligence and big data, as well as the widespread proliferation of smartphones. In this environment, Stellaris aims to back entrepreneurs building applications for global businesses, Indian SMBs and consumers in verticals such as financial services, retail, healthcare and education.
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. Stellaris has built a robust network of successful entrepreneurs and advisors to source, evaluate and mentor the best Indian startups.
“We believe Stellaris with their extensive operational and domain expertise in enterprise software and services in both India and US, is uniquely positioned to leverage India’s capital efficient talent pool, to harness the next wave of enterprise innovation in India. With this investment we look forward to gaining early access to innovative new companies in India that are inventing the future of enterprises globally,” said Ritika Suri, Executive Vice President & Global Head of Corporate Development & Ventures at Infosys.
“India has a vibrant technology startup ecosystem today that has the potential to create breakthrough companies on a global scale. We are very excited to partner with Infosys, whose deep technology expertise, understanding of global enterprises and worldwide footprint can be immensely valuable to the investment team as well as Stellaris’ portfolio companies,” said Alok Goyal, co-founder at Stellaris.
The investment is expected to complete by December 15, 2016.
Infosys is a global leader in technology services and consulting. We enable clients in more than 50 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, we help our clients find the right problems to solve, and to solve these effectively. Our team of 199,000+ innovators, across the globe, is differentiated by the imagination, knowledge and experience, across industries and technologies that we bring to every project we undertake.
Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise thrive in the digital age.
Stellaris Venture Partners is an early stage, technology focused venture capital firm with offices in Bangalore and Delhi NCR. Alok Goyal, Rahul Chowdhri and Ritesh Banglani, the founding partners of the firm, are seasoned venture professionals who have previously led global technology businesses. In the past, the partners have invested in market leaders such as Taxisforsure, Bigbasket, Shopclues, Axtria, Lifecell and Simplilearn. Stellaris will back bold entrepreneurs who leverage technology to solve large problems. Their investment focus areas include global SaaS, as well as applications for Indian SMBs and consumers in large verticals such as healthcare, education, financial services and retail.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2016. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
For further information, please contact: PR_Global@infosys.com
|Name of the target entity||Stellaris Venture Partners India I (“Fund”), a scheme of Stellaris Venture Partners India Trust|
|Whether related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired?||No|
|Industry to which the entity being invested into belongs||Venture Capital Investments|
|Objects and effects of the investment||Stellaris Venture Partners is an India-based early stage venture fund registered as a Category I,AIF-VCF. Stellaris aims to back entrepreneurs building applications for global businesses, Indian SMBs and consumers in verticals such as financial services, retail, healthcare and education.|
|Any governmental or regulatory approvals required||None|
|Indicative time period for completion||Expected to be completed on or before December 15, 2016.|
|Nature of consideration||Cash|
|Cost of investment||INR 31.6 crore investment as LP interest towards the first close of the Fund.|
|Percentage of shareholding||A minority holding, not exceeding 20% of the aggregate size of the Fund.|
|Brief background||Stellaris Venture Partners is an early stage, technology focused venture capital firm with offices in Bangalore and Delhi NCR. Alok Goyal, Rahul Chowdhri and Ritesh Banglani, the founding partners of the firm, are seasoned venture professionals who have previously led global technology businesses. Stellaris will back bold entrepreneurs who leverage technology to solve large problems. Their investment focus areas include global SaaS, as well as applications for Indian SMBs and consumers in large verticals such as healthcare, education, financial services and retail.|