Prime News, Karnataka, Bengaluru, July 26:- The exit of Yusuf Bashir Managing Director of Infosys Innovation Fund is surely a huge setback to Infosys’s strategy to strengthen the company’s new digital and innovation capabilities.
Yusuf Bashir an alumnus of The Massachusetts Institute of Technology (MIT) had worked with the Infosys CEO Vishal Sikka before joining Infosys in March 2015. The resignation came after another high paid executive Ritika Suri who quit Infosys recently.
Prior to his exit Yusuf Bashir lead Infosys’s Innovation Fund, which has a corpus fund of USD500 million and has backed start-ups such as Unsilo, Waterline Data, ANSR Consulting and CloudEndure.
During his tenure as head of Infosys’s corporate venture arm, Yusuf Bashir was charged with the task of helping Infosys tap into troublesome new technologies offered by start-ups, which in turn could be taken by the company to win more business from Fortune 1000 clients.
Ritika Suri before quitting Infosys made three major acquisitions, spending nearly USD 400 million. Bashir made 12 startup investments. But over the past year, the company has applied brakes. The last investment that Bashir made from the Innovation Fund was in December 2016.
In 2016 Infosys has witnessed a number of exits from its M&A team and corporate venture arm. Zuben Mathews, a former managing director of M&A at Infosys, left the company in 2016, while another executive, Burhan Jaffer, who headed corporate finance in M&A, resigned from the company in October last year. Other executives to have quit from the M&A team and the corporate venture arm include Uday Disley and Arun Anand.
Infosys’s ambition of generating USD1.5 billion in new revenue from acquisitions by March 2021 seems to be out of reach for now as per the industry experts.