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Wipro Limited
Wipro
FormerlyWestern India Vegetable Products Limited (1945-1977)
Wipro Products Limited (1977-1982)
Company typePublic
IndustryInformation technology
Founded29 December 1945; 78 years ago (29 December 1945)
FounderM. H. Hasham Premji
HeadquartersSarjapur Road,
Bangalore
,
India
Area served
Worldwide
Key people
Services
RevenueDecrease ₹89,760 crore (US$11 billion) (FY24)[1]
Decrease ₹13,609 crore (US$1.6 billion) (FY24)[1]
Decrease ₹11,112 crore (US$1.3 billion) (FY24)[1]
Total assetsDecrease ₹115,245 crore (US$14 billion) (FY24)[1]
Total equityDecrease ₹75,122 crore (US$9.0 billion) (FY24)[1]
OwnerAzim Premji (73.85%)[2]
Number of employees
234,054 (March 2024)[3]
Subsidiaries
Websitewww.wipro.com

Wipro Limited (/ˈvɪproʊ/ ⓘ; stylized in lowercase title) is an Indian multinational corporation that provides information technology, consulting and business process services. It is one of the leading Indian Big Tech companies. Wipro's capabilities range across cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics, and other technologies, servicing customers in 167 countries.[4]

History

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Early years

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The company was incorporated on 29 December 1945 in Amalner by MH Hasham Premji as Western India Vegetable Products Limited, a manufacturer of cooking oils.[5][6][7] In 1966, after Hasham Premji's death, his son Azim Premji dropped out of Stanford University and took over as chairperson at age 21.[8]

The company changed its name to Wipro Products Limited in 1977, followed by Wipro Limited, a syllabic abbreviation of the original name, in 1982.[6]

Shift to IT

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In the 1980s, recognizing opportunities in computer hardware and software, the company established subsidiaries Wipro Infotech and Wipro Systems. In 1981, Wipro developed the first Indian minicomputer based on the Intel 8086 chip in an IISc lab.[9][10] The software division began in 1984 by developing a spreadsheet and word-processing suite, but turned to offshore software development in 1990.[11]

By mid-1990s, Wipro had become one of India's leading manufacturers of personal computers, peripherals and medical diagnostic equipment.[12] In 1998, the company reported being the second-largest software exporter from India,[13] and gradually increased its focus on the higher-margin software services business which accounted for the vast majority of its profits.[14]

Amidst the dot-com boom in early 2000, Wipro became the most-valued company in India, with a peak market capitalization three times that of the next largest listed company, Infosys. As a result, Azim Premji's net worth rose substantially, making him the richest Indian for five consecutive years.[15][16]

In 2004, Wipro became the second listed Indian IT company to earn US$1 billion in annual revenue.[17] By 2006, it was generating about 30% of its total revenue from product engineering R&D services.[18]

In 2007, Wipro introduced its line of supercomputers called Wipro Supernova.[19] In 2011, Wipro and the Indian Space Research Organisation (ISRO) designed India's then-fastest supercomputer, SAGA-220, which was deployed at the Vikram Sarabhai Space Centre.[20][21]

In 2012, Wipro demerged its non-IT businesses into a new private company called Wipro Enterprises.[22] Prior to this demerger, these businesses—mainly in consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics—contributed about 14% of Wipro's total revenues.[23]

Notable acquisitions

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In 2006, Wipro acquired California-based technology company cMango for $20 million.[24]

In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million.[25]

In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million.[26]

In 2016, Wipro acquired cloud services consultancy Appirio for $500 million.[27]

In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy.[28]

In March 2021, Wipro acquired Capco, a technology management consultancy specializing in financial services industry, for $1.45 billion.[29] It acquired cybersecurity firm Ampion for $117 million.[30][31]

In 2022, Wipro acquired American consulting firm Convergence Acceleration Solutions (CAS) for $80 million.[32] This was followed by the acquisition of Rizing Intermediate Holdings, a US-based SAP consultancy company, for $540 million.[33]

In February 2024, Wipro acquired US-based insurtech firm Aggne Global Inc for $66 million.[34]

Corporate affairs

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Old logo of Wipro

Listing and shareholding

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Wipro's equity shares have been listed on Bombay Stock Exchange since 1946 and the National Stock Exchange of India where it is a constituent of the NIFTY 50. The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000.[35]

As of September 2023, the promoter group headed by Azim Premji held a 72.93% stake in the company, while the remaining shares were with public shareholders and an employee trust.[36]

Leadership

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List of CEOs since 1981:[37]

Sponsorships

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Wipro, as a member of the Electronic City Industries Association, partly funded the construction of the 9-km Electronic City Elevated Expressway in Bangalore which opened in 2010.[38] Wipro has been the title sponsor of the San Francisco Marathon,[39] Chennai Marathon,[40] and Bengaluru Marathon at different times.[41]

References

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  1. ^ a b c d e "Consolidated Financial Statements for Q4FY24" (PDF). Wipro. Retrieved 20 April 2024.
  2. ^ "Bloomberg Billionaires Index - Azim Premji". Bloomberg.com. Archived from the original on 29 May 2019. Retrieved 28 May 2019.
  3. ^ "Wipro workforce shrinks for sixth quarter in a row with net decline of 6,180 employees in Q4". CNBC TV18. 19 April 2024. Retrieved 20 April 2024.
  4. ^ "Fitch Affirms Wipro at 'A-'; Outlook Stable". www.fitchratings.com. Retrieved 28 September 2023.
  5. ^ "Wipro: From a vegetable oil maker to an IT major". NDTV Profit. Archived from the original on 17 October 2013. Retrieved 15 November 2013.
  6. ^ a b "Company History of Wipro". Money Control. Archived from the original on 13 November 2013. Retrieved 15 November 2013.
  7. ^ "About Wipro". wipro.com. Archived from the original on 22 September 2017. Retrieved 22 September 2017. Archived 22 September 2017 at the Wayback Machine
  8. ^ "Wipro acquires 45 per cent of Wipro Net from KPN Telecom". The Financial Express. Archived from the original on 22 May 2013.
  9. ^ "Wipro's early years". Rediff. 20 July 2006. Retrieved 16 July 2024.
  10. ^ "Indian IT's pioneering pivot". The Times of India. 9 April 2023. Retrieved 16 July 2024.
  11. ^ "Wipro: From vanaspati to IT leader". The Times of India. 16 April 2004. Retrieved 16 July 2024.
  12. ^ "The PC in India The Desktop Story". Dataquest. Retrieved 16 July 2024.
  13. ^ "Scaling New Highs". Business Standard. 17 August 1998. Retrieved 17 July 2024.
  14. ^ "Wipro software exports increase 49 per cent". Rediff. Retrieved 17 July 2024.
  15. ^ "Wipro becomes most valuable Indian company, Azim Premji the richest Indian ever". India Today. 6 March 2000. Retrieved 16 July 2024.
  16. ^ "India's $30 Billion Man". Forbes. Retrieved 16 July 2024.
  17. ^ "Wipro Joins Billion Dollar Club". 17 April 2004. Archived from the original on 21 April 2022.
  18. ^ "Wipro plans further expansion in Chennai". Business Standard. 31 January 2007. Retrieved 4 August 2024.
  19. ^ "Wipro Infotech launches supercomputers". The Economic Times. 12 September 2007. Retrieved 19 July 2024.
  20. ^ Chari, Sridhar K. (3 January 2011). "Wipro building India's fastest supercomputer for space agency". Mint. Retrieved 19 July 2024.
  21. ^ "Isro stakes claim to India's fastest supercomputer". Business Standard. 3 May 2011. Retrieved 19 July 2024.
  22. ^ "Wipro hives off non-IT business into separate company". The Economic Times. 1 November 2012. Archived from the original on 5 November 2013. Retrieved 15 November 2013.
  23. ^ "Wipro gets shareholders nod for demerger". Business Standard. 29 December 2012. Retrieved 19 July 2024.
  24. ^ "Wipro acquires US-based cMango for $20mn". Business Standard India. 20 February 2006.
  25. ^ "Wipro to acquire Australia's Promax Applications Group for Rs 192 crore". The Economic Times.
  26. ^ "Wipro to acquire Designit for €85 million". 9 July 2015.
  27. ^ "Why IT Services Giant Wipro is Snapping up Appirio for $500 Million".
  28. ^ "Wipro Digital acquires CX consulting firm Rational Interaction". www.consulting.us. 24 February 2020. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  29. ^ "India's Wipro to buy Capco for $1.45 billion – TechCrunch". TechCrunch. Archived from the original on 4 March 2021. Retrieved 4 March 2021.
  30. ^ "Wipro Agrees To Buy Australian Cybersecurity Provider; Stock Gains". 1 April 2021. Archived from the original on 17 April 2021. Retrieved 18 August 2021.
  31. ^ "Wipro acquires US-based LeanSwift; to expand its cloud transformation biz". Business Today. 16 December 2021. Archived from the original on 16 December 2021. Retrieved 16 December 2021.
  32. ^ "Wipro acquires consulting firm Convergence Acceleration Solutions for $80 million". Moneycontrol. 12 April 2022. Retrieved 12 January 2024.
  33. ^ Ishwarbharath, Sai (26 April 2022). "Wipro to acquire SAP Consulting firm Rizing for $540 million". The Economic Times. Retrieved 12 January 2024.
  34. ^ "Wipro to acquire US-based insurtech company Aggne Global for $66 million". Moneycontrol. 13 February 2024. Retrieved 13 February 2024.
  35. ^ "Wipro IPO rises 19 percent". CNN Money. 19 October 2000. Retrieved 4 August 2024.
  36. ^ "Shareholding Pattern 2023" (PDF). Wipro. Retrieved 12 January 2024.
  37. ^ "Changes stir hopes of stability at Wipro". Business Standard. 7 April 2015. Retrieved 16 July 2024.
  38. ^ "Infy, Wipro to part-fund Bangalore expressway". Rediff. Retrieved 18 July 2024.
  39. ^ "Wipro to be title sponsor of San Francisco Marathon". Business Standard. 18 April 2012. Retrieved 18 July 2024.
  40. ^ Connolly, Eoin (18 September 2012). "Wipro to title sponsor first ever Chennai Marathon". SportsPro. Retrieved 18 July 2024.
  41. ^ "Wipro's fitness push: Tech giant all set to sponsor Bengaluru Marathon". Moneycontrol. 25 May 2023. Retrieved 18 July 2024.
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