Wipro Ltd has picked up over 20 per cent stake in Delhi-based IT-enabled services provider Spectramind for $10 million. Wipro will subscribe to equity shares and fully convertible preference shares issued by the company.

“The IT-enabled services sector is complementary to our business and offers immense growth opportunities. The fresh investment would allow us to utilise the business opportunity without diluting our per capita operating margin. In addition, it can open new business opportunities for Wipro,” said Azim Premji, chairman of Wipro Limited.

Spectramind and Wipro also announced a strategic alliance to complement each other’s business and offer comprehensive IT-enabled solutions to global customers.

Wipro now holds over 20 per cent stake in Spectramind, while Chrysalis owns over 40 per cent stake and HDFC over six per cent stake. The balance is with the company management and its president and CEO Raman Roy.

Earlier, Chrysalis held over 50 per cent stake in the company and HDFC over 10 per cent leaving the balance with the management and Roy.

Kotak Mahindra Capital acted as adviser to Spectramind for the second round of funding.

“The strategic alliance and investment by Wipro reaffirms Spectramind’s leadership in delivering its core strengths of process, transition and quality to global customers,” said Roy, adding, this is the first time in India that a software company is participating with a remote services company.

“We see this as a great opportunity to mutually enhance our business models and profitability,” he said.