Wipro Limited is a global technology and consulting company that has a rich history and a strong presence in the Indian market. Founded in 1945 as a small vegetable oil company, Wipro has undergone a series of transformations and diversifications over the years to become a leading player in the global technology industry.
In this blog post, we will delve into the history of Wipro and trace the journey of this iconic company from its humble beginnings to its current status as a leading provider of technology and consulting services.
We will explore the key milestones and events that shaped the growth and development of Wipro and the leadership of its founders, Azim Premji and Mohamed Premji. We will also discuss the impact of Wipro on the Indian economy and its role in the country’s development. So, if you are interested in the history of Wipro and want to learn more about this influential company, read on!
Wipro Limited is an Indian multinational corporation that provides information technology, consulting and business process services. The company was founded in 1945 by Mohamed Premji as “Western India Vegetable Products Limited”, later abbreviated to Wipro. It was initially set up as a manufacturer of vegetable and refined oils in Amalner, Maharashtra, India under the trade names of Kisan, Sunflower, and Camel. In 1966, Wipro Fluid Power was established to manufacture hydraulic cylinders. In 1977, the company changed its name to Wipro Products Limited, and in 1979, it introduced the Wipro Baby Soft range of baby toiletries in the Indian market.
In the 1980s, Wipro expanded its product line to include lighting products and health care products. In 1988, the company entered the personal care segment with the launch of Wipro Shikakai shampoo. In 1989, Wipro entered the IT field by partnering with EDS to offer custom software solutions.
In the 1990s, Wipro continued to expand its IT services business, and in 1999, the company acquired Spectramind, a provider of IT services in India.
Today, Wipro is a global company with operations in over 50 countries and a workforce of over 200,000 people. The company provides a range of IT and business process services to clients around the world, including software development, data analytics, cloud computing, and digital transformation services. Wipro is also active in the renewable energy sector, with a focus on solar power generation.
Sure, here are some additional details about the history of Wipro:
• In the early 2000s, Wipro continued to expand its IT services business through a series of acquisitions. In 2002, the company acquired Enabler, a provider of enterprise software solutions, and in 2003, it acquired Newlogic, a provider of software solutions for the semiconductor industry.
• In 2004, Wipro became the first Indian IT company to be ISO 27001 certified. The same year, the company also launched Wipro Infrastructure Engineering, a unit focused on manufacturing hydraulic cylinders, hydraulic equipment, and aerospace components.
• In 2007, Wipro launched its consulting practice, Wipro Consulting Services, which provides strategy and transformation consulting services to clients in a variety of industries.
• In 2010, Wipro acquired Infocrossing, a provider of IT infrastructure management services, for $600 million.
• In 2013, Wipro announced the launch of its digital business unit, which provides a range of digital services including digital marketing, e-commerce, and mobile application development.
• In 2016, Wipro announced that it would spin off its non-IT businesses into a separate publicly traded company, in order to focus on its core IT services business. The spin-off was completed in 2017, and the non-IT businesses are now operated as a separate company called Wipro Enterprises.
• In 2020, Wipro announced the acquisition of Capco, a global consulting and technology firm, for $1.45 billion. The acquisition is expected to expand Wipro’s capabilities in the financial services industry.
Here are some additional details about Wipro’s business and operations:
• Wipro is headquartered in Bangalore, India and has operations in over 50 countries around the world.
• In addition to its IT services business, Wipro also has a number of other business units, including Wipro Consumer Care and Lighting, Wipro Infrastructure Engineering, and Wipro Healthcare.
• Wipro has a number of strategic partnerships with leading technology companies, including Microsoft, Oracle, and Amazon Web Services.
• The company has a strong focus on sustainability, and has set a number of ambitious sustainability goals, including a target to become carbon neutral by 2030.
• Wipro has a strong track record of innovation, and has been recognized as one of the world’s most innovative companies by various publications, including Forbes and Fast Company.
• In terms of financial performance, Wipro has consistently reported strong growth in recent years. In the fiscal year ending March 2021, the company reported revenues of over $8.5 billion, and net income of over $1 billion.
Bonus History of Wipro Share
Wipro Limited is a publicly traded company, and its shares are listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). Here is a brief history of the company’s share price:
• Wipro’s shares were first listed on the BSE in 1980, with an initial public offering (IPO) price of INR 125 per share.
• In the decades following its IPO, Wipro’s share price experienced significant growth, driven by the company’s strong financial performance and expanding operations.
• In the early 2000s, Wipro’s share price reached a peak of around INR 1,200, and has remained relatively stable in the years since.
• In recent years, Wipro’s share price has been influenced by a number of factors, including global economic conditions, the performance of the IT services sector, and the company’s own financial performance.
• As of January 5, 2023, Wipro’s share price is INR 456.30, and the company has a market capitalization of over INR 2 trillion.
Here are some additional details about the history of Wipro’s shares:
• In 2002, Wipro became the first Indian IT company to be listed on the New York Stock Exchange (NYSE). The company’s American Depositary Receipts (ADRs) were listed on the NYSE under the ticker symbol WIT.
• In 2007, Wipro announced a buyback of shares worth INR 15 billion, or around 5% of the company’s outstanding shares. The buyback was aimed at increasing the company’s earnings per share and enhancing shareholder value.
• In 2013, Wipro announced a second buyback of shares worth INR 6.5 billion, or around 2% of the company’s outstanding shares.
• In 2017, Wipro completed the spin-off of its non-IT businesses into a separate publicly traded company, Wipro Enterprises. Following the spin-off, Wipro’s shares were reclassified as “A” shares, while the shares of Wipro Enterprises were classified as “B” shares.
• In 2020, Wipro announced a third buyback of shares worth INR 9 billion, or around 2% of the company’s outstanding shares.
• Wipro’s shares have consistently paid dividends to shareholders, with the company declaring dividends in every financial year since 2002. In the fiscal year ending March 2021, the company declared a dividend of INR 1.50 per share.