Infosys sets aside $10 million from Innovation Fund to invest in Ireland-based startups

BENGALURU: India’s second largest software exporter Infosys has set aside $10 million from its $500-million Innovation Fund to invest in Ireland-based startups, the company said on Friday.

Separately, Infosys said it also won an outsourcing contract from Ireland-based Allied Irish Bank Plc. As part of the deal, Infosys will provide application development and maintenance services, as well as other transformational and innovation services.

“Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland,” Infosys said in a statement.

Earlier this year, Infosys had expanded the size scope of its startup fund from $100 million to $500 million, one of the first major steps that chief executive Vishal Sikka undertook after taking over the reins of the Bangalore-based outsourcing giant last August.

ET had first reported in March that Infosys plans to allocate at least a quarter of its $500-million startup fund to invest in early-stage companies in the Silicon Valley, Israel and India and had initiated conversations with at least a dozen venture-capital firms, including the likes of Andreessen Horowitz.