Soota told The Financial Express on Sunday that, "The new venture will be a socially responsible, significant shared wealth creation." It is going to be considerably larger a company. The venture will have eight or more partners both from India and US, he said. The Indian partners of the start-up venture would include Wipro's N Krishna Kumar and Lucent Technologies' Subroto Bagchi. He said, the venture would be financed through two or more venture capital funds (both Indian and US). "Regarding funding, we have come to a conclusion," he said. The company is likely to be backed by Walden International with an investment of $6 million.

According to Soota, the Bangalore-based companyinitially would target at Indian and United States markets and slowly it would move on to the world market. The software development would be mainly concentrated in India and other projects would be executed in United States. Commenting on the marketing networks, he said, "We have already identified few marketing consultancy firms in United States including Cambridge Technologies, Lucent Technologies and Wipro."

When probed on the reasons for leaving Wipro, Soota said, "Wipro is still a wonderful company. But staying further with the company would be a continuation for me. I believe, creating a new entity will be an ideal way of exploring new opportunities."

He continued, "I always had an entrepreneurial desire within me. I have been contemplating a start-up viability over the past one year and by March I was quite clear about my plans. The gap between my leaving Wipro and starting new company will be hardly anything."

He said the partners were currently engaged in checking out a name for the companyand finalising on it. All identified partners (most of them are yet to be relieved by their respective employers both in India and US) were in the process of putting their heads together to settle out certain final details, Soota added.

Wipro Infotech Software and Service division was a Rs 6 crore company when Soota joined it in May 1984. Over a period of 15 years, he spearheaded the growth of Wipro. Under his leadership, Wipro signed a number of strategic tie-ups with various companies including Sun Microsystems and Acer Technologies.