India is regarded as a powerhouse for software and IT businesses worldwide. India's IT industry has risen significantly in evaluation, supply, job hunting, employability, and more in the past decade. The NASSCOM Report states that India's IT export earnings increased by 8.3% to an anticipated $136 billion in 2019. The world we live in is changing as a result of technological advancements. Since everything in today's world is digitized, IT firms now make up a significant portion of giant organizations. Every business is growing in the market due to technological advances and applications, from the financial sector to the medical field, from payroll to customer services, contact centres to legal systems to the educational sector.
Indian IT businesses provide their customers with skills in managing and overseeing the technical department. Services might include internet infrastructure, cloud-based services, hardware, and cybersecurity. An Indian IT company's role is extensive, diverse, and not confined to one concept. Although many IT companies have been produced by India so far, this article will be dedicated to one of the most valuable and reputed IT firms "Wipro". Wipro is the third-largest software firm in India.
And given that this is an Indian corporation, we should also be highly familiar with Wipro's owner. When and where did Wipro begin operations? These and many more questions are answered in this article today. So let's start with the discussion.
A division of Wipro Limited, Wipro Consumer Care & Lighting (WCCLG), engages in the FMCG section of the consumables market. Vegetable oil was the company's initial commodity when it was founded in 1945; it was later marketed under the name "Sunflower Vegetable."
It offers a variety of personal hygiene products, including Wipro Cleanse and Wipro Baby Soft, as well as Yardley and Santoor toilet soaps. LEDs, CFLs, and emergency lights are the illumination goods its SmartLight cell sells. The Wipro Corporation does business not just in India but also worldwide. Before this, the corporation dealt with food products; after that, it ventured into the software industry. Let's find out who owns Wipro, as that is the essential information we will share today.
The Founder of Wipro
Azim Premji is the founder of the Wipro Company. Wipro began operations on December 29, 1945. Azim Premji, commonly referred to as the Bill Gates of India, was born in Mumbai on July 24, 1945, into a Gujarati Muslim family. Since he built a soap oil company, the IT crown, via his diligence and insight, no other firm has been able to overtake it.
Azim Ji took action to transform a vegetable oil firm into an IT business. He abbreviated the name of his business and gave it the name Wipro. Wipro began manufacturing computers. Additionally, software services sales began. He received a lot of praise for his PCs. This business is now a global IT corporation. Wipro is currently valued at Rs 1.8 lakh crore. Azim Premji is referred to be the monarch of the IT sector.
About Azim Premji
In Mumbai, a Nizari Ismaili Shia Muslim family welcomed Azim Premji into the world on July 24, 1945. As the "Rice King of Burma," his father was a well-known businessman. After the division, Muhammad Ali Jinnah sent an invitation to his father to visit Pakistan, but the man chose to remain in India.
After successfully leading the business for many years, Azim Premji desired a change of pace. The computer was essentially launched in India at that point, and they believed that computers would transform the way they operate in the future. He founded his computer firm in 1981 with this way of thinking. The following year, he gave the IT goods industry his complete focus.
Entry into IT in the 90s
Wipro began to gain a reputation in the IT industry in the 1990s. Five Wipro operation units received ISO 9001 certification in 1994-1995. In 2000, Wipro went public on the New York Stock Exchange. Wipro was at the forefront of generating revenue between 1997 and 2002.
Wipro became India's first provider of software technology and services to be certified to ISO 14001 in February 2002. The corporation attained a capitalization of more than $1 billion in 2004, and Wipro decided to follow suit in the energy sector. Azim Premji received the Padma Bhushan in 2005 in recognition of his work, and he was awarded the Padma Vibhushan in 2011, which ranks as the nation's second-highest civilian honour.
Product and Servies of Wipro Limited
There are different types of products made by Wipro that are now available on the market. Apart from the Wipro IT firm, Wipro Consumer Care (WCCLG), one of the top FMCG firms in India and one of the fastest-growing FMCG companies, is part of the Wipro group of enterprises. Products offered by Wipro Consumer Care include soaps, cosmetics, infant care, toiletries, wellness, electrical wiring gadgets, residential and commercial lighting, and modular office furniture. Several well-known services are available on the market, including the following: -
1. IT Services
Wipro handles all of the business's IT requirements. The range of services includes everything from e-Business solutions to Enterprise Application Services.
2. Product Engineering Solutions
The most prominent independent provider of R&D services worldwide is Wipro. Wipro allows businesses to launch new products quickly by utilizing the Extended Engineering approach to maximize R&d efforts and access unique expertise and information globally, as well as workforce and technological resources.
3. Technology Infrastructure Services
With more than 200 clients in Europe, the US, and Japan and more than 650 clients in India, Wipro's Technology Infrastructure Services (TIS) is the largest Indian IT infrastructure service provider in revenue, personnel, and clients.
4. Business Process Outsourcing
By utilizing its principles of excellence and innovation, the most significant human resources, a self-sustaining process structure, and domain expertise, Wipro BPO is ideally positioned to meet client needs. They provide personalized service options, translating into the most adaptable and economical services of the best calibre for all clients.
5. Consulting Services
Wipro's cross-industry consulting services assist in developing the business and technological frameworks that will enable enterprises to realize their objectives. Business, quality, process, and technology consulting are all areas where Wipro has consulting expertise.
Premji initially emphasized hardware and software; later, they increased the concentration on software while decreasing the concentration on hardware. Wipro is currently the fourth-largest IT firm in the nation. In recent years, its expansion has somewhat moderated. After TCS and Infosys, it was the third-largest IT company in the country for a while. Wipro made $8.5 billion in revenue last year.
A Few Facts About Wipro
1. Wipro is the Fourth largest Indian IT Company
Since its founding in 1945, Wipro has attracted the attention of several Indian enterprises with its top-notch services, which heavily rely on high-tech veggie and oil goods. By surpassing HCL Technologies' capital in 2021, Wipro, the third-largest Indian IT services company, achieved fourth place with its net capital of 1.65 trillion. Additionally, Wipro never failed to astonish us with its innovative strategies, and the company is currently aiming for zero greenhouse gas emissions. In other words, they have set a goal to cut GHG by 55% by 2030 to recognize global warming and climate change.
2. Wipro was founded as a producer of refined and vegetable oils
If I say Wipro is essentially run as a vegetable and refined oil firm, some people will find it unbelievable, but it's true. During the British era, Wipro established a refined oil mill at Amainer, Maharashtra, under the brand names Sunflower, Kisan, and Camel. Furthermore, it has been shown that Western India Palm Refined Oil Limited is the abbreviation for Wipro.
3. By donating, Azim Premji's ranking fell from second to seventeenth
Azim Premji had the second spot on the Forbes India Rich List in 2018; however, he fell to the 17th among the 100 Richest Indians in 2019. You could be asking why the decline is gradual due to Azim Premji's charitable donations of $13.1 million to underprivileged Indians. The owner of Wipro, Azim Premji, was ranked second among India's wealthiest people in Forbes' 2018 list with $21 billion in his bank account. With a net worth of 7.2 billion in 2019, he fell to the 17th position later that year.
4. Employment rank at Wipro
Wipro, with 120,00 workers representing 74 nationalities in 54 countries, was the first Indian company to be recognized for employee diversity in 2011 by the US-based Association of Diversity Councils.
5. Leadership at the age of 21
What would you do if you were 25 and given control of a large corporation? Of course, you will consider whether someone could be able to assist you. However, a 21-year-old youngster named Azim Premji was given the keys to this enormous project that has been the wonder of the town since 1945. Yes, he became the chairman of Wipro in 1966, following his father's death, Muhammed Premji.
6. Wipro became the first accredited provider of software technologies and services
Wipro obtained ISO:14001 certification for adhering to the international environmental management standards (EMS) standards in three significant software development and technology centres in Bangalore in February 2001, making it the first software technology and services company in India to do so. Wipro Technologies became the first business in the world to be certified at PCMM level 5 and SEI CMM level 5.
7. Optimum shareholder value rating
For stakeholder value generation and government practices, Wipro was the first company to receive the highest category "SVG1" grade from the credit rating agency IRCA in 2004. This ranking reflects Wipro's good corporate governance standards. In 2009 and 2012, the Bangalore-based business kept the top spot in the rating of stakeholder value. The rating was determined by factors such as increasing requirements for disclosure and openness, the company's positive relationships with important stakeholders, the size of the promoter ownership interest, the effectiveness of the internal audit system, etc.
Premji at the Forefront of Donation
Azim Premji is not attached to any belongings. He is the first Indian to have signed The Giving Pledge, which Warren Buffett and Bill Gates created. He had pledged to give up at least half of his money back in 2013, and he said he had given away more than 25% of his money in the same year. He sold his 18% stake in Wipro in July 2015.
In Wipro, the Premji family has a 74 per cent stake. The software division of Wipro generated roughly $ 8.5 billion in sales last year. Wipro Enterprises, which deals with consumer goods, engineering for infrastructure, and medical equipment, had a $12 billion turnover.
Azim Premji Foundation
Azim Premji is a generous person. So in 2001, he started a foundation, and this was referred to as the "Azim Premji Foundation." It is a nonprofit group whose goal is to offer high-quality universal education that contributes to creating a just, fair, compassionate, and environmental society.
The Azim Premji Foundation, run by Premji, assists in giving underprivileged kids access to elementary education. A unique characteristic of Wipro Chairman Azim Premji is that he often chooses to fly in the economy. He also favours staying at company guest homes over five-star hotels when they are available. Azim Premji is frequently referred to as the Indian Bill Gates.
This charity aims to advance primary education in India's 13 lakh government schools. Currently, the group has close ties with the governments of Andhra Pradesh, Rajasthan, Uttarakhand, Chhattisgarh, Pondicherry, Madhya Pradesh, and Uttarakhand.
Wipro is a well-known commercial organization that offers various services, including consulting, employment, wellness, and enterprise solutions. Wipro was founded in Bangalore, Karnataka, India, by Mohamed Premji, a typical citizen. Sadly, following his brief life, the crown was handed down to his son Azim Premji at 21. Azim Premji turned Wipro into a multinational corporation by offering the most outstanding services to consumers in terms of assisting with business counselling, job possibilities, outsourcing, technology, capital venture, etc.