Infosys has set aside half of the $500 Mn Innovation fund to focus exclusively on new Indian startup, with this the company has launched a startup incubator and also announced that it has invested $2 Mn in Airviz, a personal air quality monitoring startup from the Carnegie Mellon University.
Infosys has announced the creation of an ‘Innovate in India Fund’ from its $500 Mn Innovation Fund earlier this year, the company said that $250 Mn from the Innovate in India Fund will be dedicated to investments in promising new Indian startups. “These companies will be inducted into the global ecosystem of strategic partners that we are building,” it said.
The incubator will identify, nurture and grow companies engaged in innovative, new, and disruptive technologies that can help Infosys business, and create future growth areas. “By guiding and mentoring these businesses early, we hope to have the first pick of new innovations that we can bring to market and scale, thus improving the chances of viability and long-term success for the startups involved,” said the company.
Besides investment in Airviz was made out of the $500 Mn Innovation Fund earmarked for investments in disruptive new technologies. Infosys had previously invested $2 Mn in US-based personal air quality monitor Dreamworks.
The company also said that it will be buying mcommerce enabler Kallidus Inc for $120 Mn in an all cash deal. Kallidus operates under its key product Skava. “Skava delivers a cloud hosted platform for mobile websites, apps, and other digital shopping experiences across mobile, tablet, desktop, in-store, and all emerging channels to large retail clients worldwide,” said Infosys in a statement.