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<ul><li>The Indian <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> granted a stay in the criminal proceedings against <keyword id="10456485" type="UNKNOWN" weightage="20" keywordseo="indian-billionaire-azim-premji">Indian billionaire Azim Premji</keyword> that were supposed to kick off tomorrow, on December 19. </li><li>Premji and four others have been accused of financial fraud and siphoning of funds to the tune of over ₹13,000 crore by the Indian Awake for Transparency NGO.</li><li>According to Premji, the complaints are motivated by personal vendetta under R. Subramanian who is using the NGO as a corporate façade to file frivolous litigation. </li></ul>Indian billionaire and founder of IT giant <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, and his wife are facing allegations of financial fraud alongside two others. But, the Supreme Court has put a stay on the criminal proceedings against him and declared that Premji won’t have to physically appear in court on December 19. This comes after the Karnataka High Court dismissed petitions against the summons issued to Premji and four others for alleged criminal breach of trust and illegal transfer of funds. The case was registered after the Chennai-based non-governmental organisation (NGO) India Awake for Transparency accused them of illegally transferring funds from 3 different companies to a new company. “The issue is limited to amalgamation, your lords,” senior advocate AM Singhvi representing Azim Premji told the bench headed by SK Kaul. According to him, the allegations made in the complaints, even if they are taken at their face value and accepted in their entirety, do not prima facie constitute any offences or make out a case. Allegations of financial fraud against Azim Premji Premji, the IT czar of India, is generally lauded for being the man <a href="https://www.businessinsider.in/azim-premji-gives-more-the-charity-than-his-net-worth/articleshow/71306177.cms">who gave away half of his net worth to charity. </a> However, India Awake for Transparency accused Premji of siphoning away ₹13,602 crores from three shadow banks — Napean Trading &amp; Investment Company, Vidya Investment &amp; Trading Company, and Regal Investments &amp; Trading Company — in the form of gifts between 2010 and 2012. The three companies were eventually merged into a fourth privately-owned trust called Hasham Investment and Trading Company. This gave the accused control over the remaining assets of the company worth ₹31,342 crore and it’s been losing money ever since. According to the plea, filed by a businessman in Bangalore, these actions violate several sections of the Indian Penal Code (IPC) and Prevention of Corruption Act. Alleged violations under the Prevention of Corruption Act: <ul><li>Sections 34, 120B: criminal conspiracy</li><li>Section 34: acts done by several persons in furtherance of common intention </li><li>Section 409: criminal breach of trust </li></ul>A summons was subsequently issued by an Additional City Civil and Sessions Court in January. Premji, his wife, Yaseem Premji and Pagalthivarthi Srinivasan initially approached the Karnataka High Court with petitions questioning the summons. However, they were shortly dismissed. According to Premji, the complaints against him are motivated by a personal vendetta. He believes that India Awake for Transparency is being used by a man called R. Subramanian as a corporate façade to file frivolous litigation against him and his affiliates. Hasham had earlier taken Subramanium to court for loan default and dishonoured cheques. SEE ALSO:

Azim Premji heaves a sigh of relief — Supreme Court stays criminal proceedings against the Wipro founder for siphoning off crores

The family office of <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, <keyword id="648852" type="COMPANY" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, pumped $90-million funding into cloud firm <keyword id="2240135" type="UNKNOWN" weightage="20" keywordseo="Anaplan">Anaplan</keyword>. 
 
Now, Anaplan values at $1.09 billion. This funding will also give the US-based company a firm ground in India. 
 
Anaplan, which was founded in 2006 by Guy Haddleton and Michael Gould, gives enterprise planning and modelling software to businesses. 
 
"Premji Invest is thrilled to lead this investment round because we have seen a broad range of companies around the world transform their businesses with Anaplan's agile planning and modeling platform," said Sandesh Patnam, partner and lead US investor, at Premji Invest. 
 
Premji Invest has also pumped funds in Cyanogen, Zuora and Service-Max. 
 
(Image: Thinkstock)

Azim Premji just pumped in $90million into cloud firm Anaplan

<ul><li>Pharmacy retail chain <keyword id="11881163" type="UNKNOWN" weightage="20" keywordseo="medplus-healthcare-services">Medplus Healthcare Services</keyword> filed a draft red herring prospectus (DRHP) with SEBI to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>The company offers a wide range of products, including pharmaceutical and wellness products and fast-moving consumer goods.</li><li>Azim Premji’s PI Opportunities Fund is among promoters in the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Healthcare Services has filed the draft red herring prospectus (DRHP) with India’s market regulator to raise ₹1,639 crore through an initial public offering (IPO). The offer comprises ₹600 crore of fresh issue and an offer for sale (OFS) of ₹1,039 crore by existing promoters. Promoter Lone Furrow Investments will sell equity shares worth ₹450 crore through the IPO issue followed by ₹500 crore by PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, chairman of Wipro. The company sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The 15-year-old company was founded by Gangadi Madhukar Reddy, managing director and chief executive officer, with the vision “to set up a trusted pharmacy retail brand that offers genuine medicines and delivers better value to the customer by reducing inefficiencies in the supply chain using technology,” the company said in its DRHP filing. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2284 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2887 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3090 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr></tbody></table> The company offers both offline and online sales of pharmaceutical products through website and mobile application. Medplus Healthcare Services intends to use ₹467 crore from the IPO proceeds for working capital requirements of its subsidiary Optival Health Solutions and the rest for general corporate purposes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/e-commerce/news/walmart-to-prioritise-flipkarts-diwali-sale-big-billion-days/articleshow/85418923.cms">Walmart to prioritise Flipkart’s Diwali sale ‘Big Billion Days’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/shares-of-apollo-hospitals-have-surged-178-in-the-last-one-year-and-103-so-far-in-2021/articleshow/85398007.cms">Apollo Hospitals gives multibagger returns in last one year on growth in pharmacy business, vaccination revenue</a>

Medplus Healthcare Services looks to raise ₹1,639 crore via IPO

<ul><li>Premji Foundation, <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> along with SIDBI have led an investment of ₹960 crore in venture debt fund <keyword id="4844054" type="PERSON" weightage="20" keywordseo="Alteria-Capital">Alteria Capital</keyword>. </li><li>This makes Alteria Capital the largest venture debt fund in India. </li><li>Alteria invested in <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> like Dunzo, Vogo, Stanza Living, toppr among others.</li></ul>Former Wipro Chairman <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>’s Premji Foundation, Flipkart co-founder Binny Bansal along with SIDBI,invested ₹960 crore in the venture debt fund, <a href="https://timesofindia.indiatimes.com/business/india-business/premjis-ngo-bansal-put-rs-960cr-in-venture-debt-co/articleshow/70424468.cms">Alteria Capital</a>. This investment has made Alteria Capital the biggest venture debt fund in the country. According to reports, it is also SIDBI’s single largest investment, as the government nodal agency pumped in as much as ₹160 crore. Alteria Capital was founded by Ajay Hattangdi and Vinod Murali who had earlier led Innoven Capital. The firm has so far invested in hyperlocal delivery startup Dunzo, electric bike startup Vogo, student accommodation startup Stanza Living among others. The firm also placed its bets on cricketer Virat Kohli’s apparel brand Wrogn. Meanwhile, ace entrepreneur and investor Binny Bansal has been on an investment spree. In July, he invested in fashion designer Masaba Gupta’s brand. In June, Bansal sold some of his shares in Flipkart for $76.4 million, according to filings sourced by paper.vc. That leaves him with a residual share of 3.52% in the company he co-founded. He made personal investments too, like in insurtech startup Acko and legal startup Spotdraft amongst others. Interestingly, earlier Bansal for his own fund had raised money from his co-investor in the round for Alteria Capital – Premji Foundation. Bansal formed 021 Capital with his financial adviser Sailesh Tulshan for which he had raised $32 million from Premji Foundation and a few former Flipkart colleagues.

Azim Premji, Binny Bansal join government’s startup fund to invest in Alteria Capital

<ul><li>SaaS platform <keyword id="1836134" type="COMPANY" weightage="20" keywordseo="Icertis">Icertis</keyword> has raised $115 million, and is the latest entrant into the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club. </li><li>The startup has raised the funding from <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>’s <keyword id="648852" type="COMPANY" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword> and US-based VC firm Greycroft.</li><li>Earlier in June, another SaaS platform <keyword id="741520" type="COMPANY" weightage="20" keywordseo="Druva">Druva</keyword> had raised funds to be a unicorn.</li></ul>India and US-based Software-as-a-Service (SaaS) platform Icertis is the latest startup to join the unicorn club following a <a href="https://tech.economictimes.indiatimes.com/news/startups/icertis-becomes-indias-third-saas-unicorn-with-115m-funding/70256989">funding </a>from Azim Premji’s Premji Invest and US-based VC firm Greycroft. The startup has raised $115 million in its latest fundraising. With its total funding standing at $211 million, the company, which offers contract management, has raced past the $1 billion mark in value, to enter the unicorn club. The startup has 5.7 million contracts so far across 90 countries. Its clients include Adobe, Airtel, Cognizant, Infosys, Microsoft and others. According to <a href="https://tech.economictimes.indiatimes.com/news/startups/icertis-becomes-indias-third-saas-unicorn-with-115m-funding/70256989">reports</a>, with the new funds, the company will invest in building new technologies like blockchain, artificial intelligence and machine learning. It also plans to expand its global presence. In June 2019, another Indo-US-based SaaS startup Druva had entered the unicorn club after raising $130 million in a round led by Viking Global Investors and Nexus Venture Partners. Meanwhile, Premji Invest, which is the family office of Azim Premji, has been investing since 2006 and has placed its bets across 40 countries. See Also: <a href="https://www.businessinsider.in/wipro-azim-premji-in-his-last-agm-spoke-about-technologies-that-the-company-would-focus-on/articleshow/70254296.cms">Azim Premji announces four technologies that Wipro will focus on as he bid adieu</a>

Azim Premji leads an investment in Indo-US startup Icertis, turns it into a unicorn

<ul><li>FaceApp isn’t the one to blame for having access to your library, it's a loophole in Apple’s operating system. </li><li>Elon Musk has a chip to cure brain disorders and help with paralysis — all he needs is FDA approval to kick off human trials in 2020. </li><li>Facebook is trying to convince the US government that its new cryptocurrency is a good idea but no one's buying it. </li><li>Azim Prem Ji, Wipro Chairman, attending his last general meeting on Tuesday and highlighted four areas of technology that could benefit the company’s growth. </li><li>Flipkart founder, Sachin Bansal, has made a new investment — this time in boAt, a Delhi-based startups focused on selling electronic audio equipment.</li></ul> This is Tech Insider’s daily dose of <keyword id="35609" type="PERSON" weightage="20" keywordseo="tech-news">tech news</keyword> — everything that’s happening in tech that you need to know about today from Business Insider and its partner publications:

Today’s top tech news: FaceApp’s overhyped security issues, Elon Musk wants to test brain chips on humans and the ‘absurdity’ of Facebook’s cryptocurrency

<ul><li>The stock has lost nearly half its value and overall profits have declined. </li><li>The prospects for the future are still cloudy due to reliance on banking, financial services, and insurance. </li><li>These are the five charts and a table on how the company has fared under <keyword id="296498" type="PERSON" weightage="20" keywordseo="Neemuchwala">Neemuchwala</keyword>’s leadership</li></ul>Six months after <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s iconic leader <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> stepped down, its Chief Executive Officer (CEO) Abidali Z Neemuchwala has resigned from the company citing family commitments, nearly 4 years after he took the corner office. Wipro tried to cushion the blow by announcing that Neemuchwala will stay on until a successor is found. Yet, the stock went down 2% in the morning trade⁠— the total fall since the senior Premji stepped down is now up to 10%. 
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 Wipro is ranked four among India’s tech titans In the last few years, Wipro has continued to lag behind peers like <keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs">TCS</keyword> and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> in terms of market value. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹799595.66 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹332656.48 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹163484.75 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134913.03 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹78585.71 crore </td></tr><tr><td colspan="2" style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As of Jan 31, 2019; Source: Moneycontrol.com </td></tr></tbody></table> The leadership of Neemuchwala Neemuchwala spent 23 years in TCS but he was made the CEO of Wipro just 10 months after he joined -- to steer the company out of its hurdles. However, the former IIT Mumbai alumnus had reportedly little experience in <a href="http://neemuchwala">client facing roles</a>, which is crucial for a software exporter like Wipro. The profit after tax in the financial year ending March 2016 was nearly ₹10,600 crore, three years later it was lower by 7%. And, the prospects are not looking very good either. 
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 As recently as October 2019, global investment bank Morgan Stanley placed Wipro in the ‘underperform’ list, blaming the management. “The company management is uncertain of macro environment, and with growth lower than peers, Wipro should sustain lower P/E (price-earnings) multiple,” said<a href="https://economictimes.indiatimes.com/markets/stocks/news/foreign-brokerages-give-thumbs-down-to-wipro-post-q2-numbers/articleshow/71614624.cms?from=mdr"> Morgan Stanley.</a> The ‘price to earnings ratio’ measures its current share price relative to its earnings per-share (EPS). It is a way of the company. Higher the P/E ratio, more valuable the company. After the most-recent earnings for the three months ending December 2019, Neemuchwala hinted that the worst is behind for Wipro. “If you look at the portfolio, I do feel good that things that we had set out to both reengineer our portfolio and address Wipro-specific issues, as well as a lot of the investment in capability that we have been doing where we get the mind share and traction with customers with a very robust set of deal wins gives me confidence that those issues are behind us,” <a href="https://www.fool.com/earnings/call-transcripts/2020/01/14/wipro-limited-wit-q3-2020-earnings-call-transcript.aspx">Neemuchwala said in a call with analysts</a>. Not just Wipro, Indian IT has struggled as a whole The challenges, especially the reliance on banking, financial services, and insurance, are not unique to Wipro. Between Brexit, the US-China trade war, and a plethora of other challenges on the global scale, the growth in the BFSI segment has been volatile at best for most IT companies. 
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However, Wipro was lagging behind its peers on the recovery path at the end of December 2019. 
 
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The street was clearly not enthused. “The soft guidance for 4Q (Jan-March 2020) indicates that reaching industry-level growth is an uphill task. We reckon that growth will continue to lag peers ahead based on soft outlook on around 50% of rev comprising BFSI (banking, financial services, and insurance, Communications and Technology (hi-tech sub-segment),” said a report by HDFC securities. The incoming CEO after Neemuchwala has a tough task at hand to pick up a flailing business uphill in a tough business environment. That would also make it tougher for Chairman <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> to find Neemuchwala’s replacement.

Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> founder <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> had earlier in June announced his resignation from his post of executive chairman and Managing Director. </li><li>Premji said that Digital, Cloud, Engineering Services and <keyword id="137092" type="PERSON" weightage="20" keywordseo="cyber-security">Cyber Security</keyword> would be areas of big investments for Wipro. </li><li>He also added that the operating margins of the company had improved by 1.8%. </li></ul>Wipro Chairman Azim Premji attended his last annual general meeting and addressed its employees and shareholders. Premji mentioned that Digital, Cloud, Engineering Services and Cyber Security are going to be the four big areas of investments for the company. “To lead in this time of rapid change, we have sharpened our strategy into four pillars based on what our clients need i.e. Business Re-imagination, Engineering Transformation and Modernization, Connected Intelligence, and Trust. In order to build capabilities that are needed to deliver these strategies, we have been investing significantly in four areas - Digital, Cloud, Engineering Services and Cyber Security,” he said according to <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">reports</a>. He also addressed that technology in terms of going digital and artificial intelligence is the need of the hour and that employees at Wipro have been reskilled to do so. The company which is in its 75th year, had organised its 73rd AGM. Azim Premji, founder of Wipro, had resigned from his post of executive chairman and Managing Director. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Premji also gave stock of the company’s financial reports during his speech. He said that the operating margins of the company had improved by 1.8%. “On a full year basis, we grew 5.4 percent in constant currency. Two of the business units - BFSI and CBU grew by 16 percent and 10 percent respectively. Our digital revenues grew by 33 percent YoY in constant currency. We won our largest ever deal of $1.5bn from Alight in US,” he <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">said.</a>

Azim Premji announces four technologies that Wipro will focus on as he bid adieu

<ul><li>Premji has earmarked all economic benefits for philanthropy, setting aside 34% of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> shares worth $7.5 billion. </li><li>This takes his total contribution to charity to a total of $21 billion, including 67% of economic ownership of Wipro. </li><li>Earlier this month, the <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> Trust had sold over ₹26 million Wipro shares. </li></ul><keyword id="10946" type="POSITION" weightage="20" keywordseo="Wipro-Chairman">Wipro Chairman</keyword> Azim Premji has announced an increased contribution to his charity – <keyword id="120063" type="ORGANIZATION" weightage="20" keywordseo="Azim-Premji-Foundation">Azim Premji foundation</keyword>. Premji has earmarked all economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. According to an official statement from the company, the aim is to now scale up the efforts of the Azim Premji foundation. “The team driving the field work in education is expected to grow significantly from the current 1600 people, while the University will expand to have 5000 students with 400 faculty members across multiple programs. Thereafter, another University in the northern part of India may be set up by the Foundation,” said the statement. Earlier this month, the Azim Premji Trust had sold over ₹26 million Wipro <a href="https://economictimes.indiatimes.com/markets/stocks/news/azim-premji-trust-sells-over-2-66-crore-wipro-shares/articleshow/68321580.cms">shares</a> in a block deal. In its <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/wipro-reports-32-yoy-jump-in-q3-profit-at-rs-2545-crore-announces-bonus-issue-dividend/articleshow/67588095.cms">Q3</a> earnings report, the IT major had reported a 32% year-on-year rise with ₹25.44 billion recorded profit for the quarter that ended on December 31. See Also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/wipro-formally-lists-trump-as-a-potential-threat/articleshow/59066533.cms">Wipro formally lists Trump as a potential threat</a> <a href="https://www.businessinsider.in/wipro-invests-24-5-million-in-9-start-ups-2-years/articleshow/58996522.cms">Wipro invests almost a quarter of corporate venture fund in nine start-ups over two years</a>

Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro

<keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> chief <keyword id="164502" type="PERSON" weightage="20" keywordseo="Sundar-Pichai">Sundar Pichai</keyword> has donated ₹5 crore to Give India, matching Google's earlier donation to the non-profit organisation for the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic. "Thank you @sundarpichai for matching @Googleorg's Rs 5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker families...," Give India said in a tweet. Previously, Google had announced an over USD 800 million commitment towards efforts to tackle Covid-19 pandemic that that claimed thousands of lives globally. This includes USD 200 million investment fund for NGOs and banks to help small businesses access capital. Besides, Google has also teamed up with Apple to work on a contact tracing approach designed with strong controls and protections for user privacy. Corporate India has been rushing in to help the government and citizens fight the pandemic in India. Tata Trusts and Tata group together have pledged Rs 1,500 crore -- by far the highest by any corporate. Wipro Ltd, <keyword id="1621488" type="COMPANY" weightage="20" keywordseo="Wipro-Enterprises-Ltd">Wipro Enterprises Ltd</keyword> and <keyword id="120063" type="COMPANY" weightage="20" keywordseo="Azim-Premji-Foundation">Azim Premji Foundation</keyword> have together committed Rs 1,125 crore, while a number of other companies are also extending support efforts like providing sanitizers, masks and meals to people. Paytm, in a separate statement on Monday, said it has contributed 4 lakh masks and 10 lakh hygiene products to army, CRPF and health workers fighting Covid-19. These authorities would distribute them to the personnel working in the frontline to help control the outspread, it added. "The company hopes that its contribution of masks and hygiene products including soaps, hand-washes, sanitizers, and rubs would help all volunteers and workers stay safe during these tough times," the statement noted. The death toll in India due to the pandemic rose to 308 on Monday after 35 new fatalities were reported, while the number of cases climbed to 9,152, according to the Union Health Ministry. SEE ALSO:<a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/india/news/how-to-check-coronavirus-symptoms-at-home/articleshow/74960334.cms">What are the Coronavirus symptoms and how to check for them at home</a>

Google's chief Sundar Pichai donates ₹5 crore to Indian NGO for fighting Coronavirus

Soon after <keyword id="10862" type="CITY" weightage="60" keywordseo="Wipro">Wipro</keyword> has hit headlines for change in its top executive level, this time <keyword id="648852" type="COMPANY" weightage="60" keywordseo="Premji-Invest">Premji Invest</keyword>, family investment office of Wipro's billionaire founder <keyword id="6419840" type="PERSON" weightage="60" keywordseo="Azim-Premji">Azim Premji</keyword> has added to vibrancy. With nearly, $100 million (Rs 620 crore), Premji Invests is planning to invest in the US, after betting on some startups and Alibaba's massive public offering in September last year. 
 
"The family office is looking hungrier to invest in the US, especially after hiring Sandesh Patnam who brings local connections," a person familiar with Premji Invest's strategy has told the Economic Times. "Public markinvestments such as those in Alibaba are very tiny, but form a growing portion of the portfolio," he added. 
 Patnam, who joined Premji Invest in March last year, managed over $6 billion (aboutRs 36,000 crore) in investments during his last assignment at <keyword id="2286970" type="UNKNOWN" weightage="60" keywordseo="Seligman-Technology-Group">Seligman Technology Group</keyword>. 
Since joining Premji, he has already made some investments in Silicon Valley startups. Last month, the family office participated in Series C financing in mobile operating system firm Cyanogen, the first such investment by Premji Invest ever. "The idea is to build a more diverse investment portfolio, beyond just India," another person familiar with the development told the financial daily. 
 With over $2.5 billion under its management, Premji Invest has made investments in over 60 companies including eCommerce firms Snapdeal and Myntra. The investments range from fixed income instruments to <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> and listed equities. There are around 40-50 family offices in India with a corpus of $15-20 billion (about Rs 88,000-1,20,000 crore), according to industry estimates. Premji's family office has been testing the waters in the US since 2011. 
 
(Image: India Times)

Premji Invest eyeing startups

ealth does not remain static especially during the fluctuating industry scenario today. India has produced several billionaires who occupy a significant number of slots on the list of wealthiest persons in the world today. Here is the list of the top 10 richest persons in India as per their latest real time Forbes data on 11 October 2021. 1. Mukesh Ambani - $102 billion The wealthiest person in India, Mukesh Ambani of Reliance Industries occupies the Tenth slot in the world’s richest persons’ list. Mukesh Ambani has a net worth of $102 billion. Much of Mukesh’s wealth ensues from the petrochemicals and oil and gas businesses built by his father Dhirubhai Ambani ⁠— a business icon in his own right— but Mukesh is pivoting to more consumer-facing businesses like telecom and retail. Reliance Jio is one of the largest telecom networks in India today and has <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms">already raised over $20 billion in recent months</a> and the next leg of fundraising <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">will be for retail</a>. 2. Gautam Adani - $71.7 billion Gautam Adani’s net worth as per the latest forbes records is $71.7 billion. He is the Second <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-india" source="Orion">richest person in India</keyword> and ranks 15 on the list of the world’s richest. Apart from Mundra Port, the largest in India, his wealth-generating portfolios include a range of commodities, power generation including renewable energy (like solar farms), and transmission to name a few. 3. Shiv Nadar - $31.5 billion With his $31.5 billion estimated net worth, Shiv Nadar ranks as the third richest person in India. HCL Technologies founded by him is a (₹) 274826 crore (market value) company and one of the largest software services exporters in the world today. With its presence in over 45 countries on the globe, HCL Technologies makes Shiv Nadar claim the 41th slot in the list of world’s richest persons. 4. Radhakishan Damani &amp; Family - $ 22.1 billion Radhakishan Damani’s net worth of $22.1 billion, which makes him the fourth richest person in India today. He occupies the 101 position in the global rich list. Radhakishan Damani is a veteran Mumbai stock market investor who founded <a href="https://www.businessinsider.in/business/news/radhakishan-damani-has-a-string-of-challenges-ahead-of-him-and-falling-profits-at-dmart-dont-help/articleshow/76936913.cms">the supermarket chain DMart </a>which went public in 2017, and eventually went on to be the world’s most-valued retail chain for its unique model that makes the holding company Avenue Supermarts more profitable than many of its peers. 5. Savitri Jindal &amp; Family - $18.6 billion Standing at the 106th position in the world and the richest woman in India is Savitri Jindal, the 70-year-old chair of a multibillion dollar conglomerate, who's worth $18.6 billion. India's women billionaires also include the heads of pharmaceutical, software, and consumer goods companies. 6. Cyrus Poonawalla - $18.2 billion Ranked as the 6th wealthiest person in India, Cyrus Poonawalla has a net worth of $18.2 billion. He founded the Serum Institute of India in 1966 and it is today the largest producer of vaccines for measles, influenza and polio. At present, the company is also co-developing two vaccines for COVID-19 and has a <a href="https://www.businessinsider.in/science/health/news/adar-poomawala-says-oxfords-covid-vaccine-is-expected-to-hit-the-indian-market-in-the-first-quarter-of-2021/articleshow/77107541.cms">significant lead over other similar researches that are underway</a>. In the world’s wealthiest persons list he ranks in the 110th position. 7. Lakshmi Mittal - $ 17.6 billion The Chairman and CEO of ArcelorMittal, Sunil Mittal has a net worth of $17.6 billion and ranks as the Seventh richest person in India. His wealth status positions him in the 115 place on the world’s richest persons list. He is known for turning sick steel producing companies into profitable ventures across the world. He most recently bagged the bankrupt Essar Steel in India, which was owned by the Ruia family. 8. Kumar Birla - $16.1 billion Standing at the 131th position in the world’s richest persons’ list, Kumar Birla has a net worth of $16.1 billion, which makes him the Eighth wealthiest person in India. The head of Aditya Birla Group which he inherits for the fourth generation in row, his group is concerned with producing cement and aluminum alongside retail, telecom and financial services. 9. Uday Kotak - $16.1 billion The founder of Kotak Mahindra Bank, Uday Kotak, occupies the fifth position on the list of India’s richest. With a net worth of $16.1 billion, Kotak takes 132nd place on the world’s richest persons’ list. 10. Dilip Shanghvi - $14.4 billion The tenth richest person in India is Dilip Shanghvi whose latest net worth is $14.4 billion. The founder of Sun Pharma, Dilip Shanghvi has turned his firm into the largest player in the manufacturing of specialty generic drugs. He has also invested in energy and oil ventures. On the world’s richest persons’ list, he ranks in the 146th position. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/top-10-largest-economies-in-the-world/articleshow/70547252.cms">Top 10 largest economies in the world</a> <a href="https://www.businessinsider.in/finance/news/list-of-top-20-richest-people-in-the-world/articleshow/74475220.cms">Top 20 richest people in the world</a>

You Searched For "Azim Premji invests in Anaplan" and got 12 results

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