L&T Infotech, the IT division of Larsen & Toubro is planning for obtaining board approval for investing in technology startups which will assist the company in boosting its digital offerings.
As per Sanjay Jalona, the company’s chief executive, they are looking to partner with startups and offer them a platform. They are also looking at how they can invest in them. The company is planning to request the board for allowing them to invest in seed capital in startups which have innovative technologies.
The seed investments will vary between $100,000 to $1 million based on the startup. The company had got the regulatory approval for floating a Rs 2,000-crore IPO last month focussing on building an ecosystem. It would use the ecosystem for tapping startups for innovation and more digital offerings.
The company has grown to its current size with an yearly revenue of $15 billion which is mostly organically and does not include buyouts in its software and finance arms. The investment in startups will assist the company in gaining access to new technology and innovation. It will also assist the startups by offering them the option of scaling up.
