Wipro invests in Palo-Alto-based start-up, vFunction

The IT firm intimated that it has formed a joint go-to market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud.

The partnership will strengthen Wipro FullStride Cloud Services' position as a provider of digital transformation solutions and help advance Wipro's commitment to accelerating cloud innovation for clients.

In conjunction with this partnership, Wipro Ventures, the corporate investment arm of Wipro, announced that it has invested in vFunction's Series a funding round to deepen the strategic partnership.

On a consolidated basis, Wipro reported 1.3% rise in net profit to Rs 2,970 crore on 3.3% rise in revenue from operations to Rs 20,313.6 crore in Q3 December 2021 (Q3 FY22) over Q2 September 2021 (Q2 FY22). On a year-on-year basis, Wipro's net profit fell 0.85% while revenue increased 29.63% in Q3 FY22.

Shares of Wipro rose 0.36% to Rs 566.15 on BSE. Wipro is a leading global information technology, consulting and business process services company.

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