Wipro chief invests $10 mn in Cicada Resorts

The resort chain was started 2 yrs ago by a group of entrepreneurs.

Azim Premji, chairman of the country's third largest software services company, Wipro Limited, has taken a liking to eco-tourism. On a personal capacity, he is understood to have invested close to $10 million in Bangalore-based Cicada Resorts, a relatively new player.

Cicada Resorts was started two years ago by a group of technology entrepreneurs led by 'Tiger' T G Ramesh. However, Ramesh was not available to comment on this development.

The company presently has one resort operational in Kabini, on the banks of the river Cauvery, around 180 kms from Bangalore. Cicada is looking to expand its presence in four more places at Bhadra (Chikmagalur), Bandipur (near Mysore) and North Nagarahole in Kodagu district. All these resorts are being put up near wildlife reserves.

The company during its first round raised venture funding from HRB Group led by H B Jairaj and P M Ventures (a fund instituted by Phaneesh Murthy, who is currently head of iGate Global). Incidentally, Ramesh and Murthy had earlier started a technology firm Quintant Solutions before going on their own.

Premji, who controls nearly 80 per cent of the $4 billion Wipro, has a team of around 20 professionals to look after his personal wealth. In addition to Cicada, Premji currently has exposure to another Bangalore-based firm Himatsingka Seide, a publicly-listed textiles firm.

Premji had also evinced interest in investing in Narayana Hrudayalaya, a chain of cardiac hospitals being put up by Dr Devi Shetty. The investment in this however did not sail through.

While Premji's other investments are not public, another technology veteran Jaithirth (Jerry) Rao of MphasiS has invested in a wine company in Bangalore besides being an angel investor for nearly 20 other companies.