• Wednesday, June 29, 2022

Business

Infosys writes off its investment in US firm

The Bengaluru-based company had made the investment through its innovation fund in two tranches in 2016 and 2018 (Photo: Hemant Mishra/Mint via Getty Images).

By: Radhakrishna N S

INDIA’s IT giant Infosys has said in a regulatory filing that it has written off $4.5 million (£3.5m) it had invested in US startup Waterline Data Science.

The Bengaluru-based company had made the investment through its innovation fund in two tranches in 2016 and 2018.

The $500m innovation fund has backed around 10 startups and invested in two venture capital firms Vertex Ventures and Stellaris Venture Partners.

In January, Hitachi Vantara had announced that it intends to buy Waterline.

Infosys has informed that Waterline Data has completed the process of dissolution.

The company further noted: “There is nil consideration upon dissolution and accordingly, there are no dues outstanding to the company.”

Waterline, founded in 2013, offers data discovery and data governance software.

Last year, Infosys was awarded the number three ranking on the Forbes list of the World’s Best Regarded Companies for 2019. It is the second-largest Indian IT company after Tata Consultancy Services by revenue.

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