Wipro has sold its 8% stake in US-based startup Axeda, a person with knowledge of the matter said, with a threefold return on a small investment it made a year ago after Rishad Premji took over as head of strategy.
Wipro had spent about $5 million in June 2013 for the stake in machine-to-machine learning and Internet of things solution provider, valuing it at over $50 million. The Bangalore-based company was made to exit after Nasdaq-listed PTC bought Axedafor $170 million in cash in July this year. It sold the stake to PTC.
ET onAugust 25 reported that the company was considering selling the stake. The deal to exit the investment comes at a time when Rishad Premji, son of Chairman Azim Premji, is putting together a team to run Wipro’s $100 million corporate venture, helping the country’s third largest software firm find platforms that it cannot build on its own. In this venture, he will be assisted by Anil Raibagi, head of mergers and acquisitions at Wipro. A spokesman for the company declined to comment.