Wisdom Tree Ventures (WTV), a flagship IT company of Wisdom Group, has taken a step: To provide technological, financial and marketing assistance to 100 start-up ventures and budding Entrepreneurs within the next 5 years.
According to the statement, “The company has chalked out a plan to address the financial vacuum created by the ongoing Covid-19 situation, create jobs, and contribute to the economic growth of India by aligning itself with the vision (Atmanirbhar Bharat Abhiyaan) of Honourable Prime Minister Narender Modi. By aligning itself with the goals of Atmanirbhar Bharat, particularly for MSMEs and start-ups, Wisdom Group will not only cater to the technical requirements of the start-ups but also foster financial flexibility for these companies.”
Wisdom Group intends to offload IT infrastructure anomalies for the start-ups and help them to be self-sufficient. “Entrepreneurs that are facing difficulties in achieving their goals or are stuck in the system due to the ongoing pandemic situation will be given a fresh breather. We had not initially planned for such a drive but these are not normal circumstances and we empathise with the budding entrepreneurs,” said Group CEO, Deb Mukherjee.
Wisdom Group plans to partner with the start-ups. The Group will partner with these companies, hand hold them during their initial year and, in turn, create value for those companies. In return, Wisdom Group states that it is not looking for monetary gains. Instead, the start-ups can return the favour by diluting their equity stake in the name of Wisdom Group.
In the long run, Wisdom Group plans to stay in the loop by obtaining a stake in a few of the promising start-ups and allocating a project manager to each start-up in which it has acquired a stake.
The announcement added, “Start-ups that are unwilling to dilute their equity, option of customisable repayment plans will be on the offer. Seed funding raised with the help of Wisdom Group may be repaid back by way of profit sharing on future cash flows. As a result, Wisdom Group can remain invested and optimise the financial covenants of the start-ups.”
With the execution of this business model, Wisdom Group plans to create nearly one lakh jobs in the next 5 years. It has recently taken over a start-up called ImagineSales which has been operating in the CRM industry.
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.