The company was incorporated on 29 December 1945 in Amalner by MH Hasham Premji as Western India Vegetable Products Limited, a manufacturer of cooking oils.[5][6][7] In 1966, after Hasham Premji's death, his son Azim Premji dropped out of Stanford University and took over as chairperson at age 21.[8]
The company changed its name to Wipro Products Limited in 1977, followed by Wipro Limited, a syllabic abbreviation of the original name, in 1982.[6]
Shift to IT
In the 1980s, recognizing opportunities in computer hardware and software, the company established subsidiaries Wipro Infotech and Wipro Systems. In 1981, Wipro developed the first Indian minicomputer based on the Intel 8086 chip in an IISc lab.[9][10] The software division began in 1984 by developing a spreadsheet and word-processing suite, but turned to offshore software development in 1990.[11]
By mid-1990s, Wipro had become one of India's leading manufacturers of personal computers, peripherals and medical diagnostic equipment.[12] In 1998, the company reported being the second-largest software exporter from India,[13] and gradually increased its focus on the higher-margin software services business which accounted for the vast majority of its profits.[14]
Amidst the dot-com boom in early 2000, Wipro became the most-valued company in India, with a peak market capitalization three times that of the next largest listed company, Infosys. As a result, Azim Premji's net worth rose substantially, making him the richest Indian for five consecutive years.[15][16]
In 2004, Wipro became the second listed Indian IT company to earn US$1 billion in annual revenue.[17] By 2006, it was generating about 30% of its total revenue from product engineering R&D services.[18]
In 2012, Wipro demerged its non-IT businesses into a new private company called Wipro Enterprises.[22] Prior to this demerger, these businesses—mainly in consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics—contributed about 14% of Wipro's total revenues.[23]
Notable acquisitions
In 2006, Wipro acquired California-based technology company cMango for $20 million.[24]
In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million.[25]
In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million.[26]
In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy.[28]
In March 2021, Wipro acquired Capco, a technology management consultancy specializing in financial services industry, for $1.45 billion.[29] It acquired cybersecurity firm Ampion for $117 million.[30][31]
In 2022, Wipro acquired American consulting firm Convergence Acceleration Solutions (CAS) for $80 million.[32] This was followed by the acquisition of Rizing Intermediate Holdings, a US-based SAP consultancy company, for $540 million.[33]
In February 2024, Wipro acquired US-based insurtech firm Aggne Global Inc for $66 million.[34]