Wipro operates a globally integrated IT services business model, generating revenue through four primary service lines — IT Services, IT Products, India State Run Enterprises (ISRE), and Wipro Consumer Care — with IT Services constituting approximately 95 percent of total revenues and representing the strategic core of the company. The IT Services segment is organized around four Strategic Market Units (SMUs): Americas 1 (covering large enterprise clients in the Americas), Americas 2 (covering technology, media, and communications clients in the Americas), Europe (covering all European markets), and Asia-Pacific, Middle East, Africa, and India (APMEA). This SMU structure — introduced under Delaporte's tenure — replaced the previous geographic-plus-vertical matrix that had created coordination complexity and accountability diffusion. Each SMU is led by a senior executive with full P&L responsibility and is supported by shared delivery infrastructure in India and nearshore hubs. Revenue within IT Services is generated through four primary service categories. Consulting and System Integration — which includes management consulting, technology strategy, systems integration, and program delivery — is the fastest-growing and highest-margin service category, enhanced significantly by the Capco and other consulting acquisitions. Application Development and Management covers the development, maintenance, testing, and modernization of enterprise software applications — the largest revenue category. Infrastructure Services covers cloud migration, managed infrastructure, cybersecurity, and data center management. Business Process Services covers finance and accounting, HR, procurement, and industry-specific back-office operations outsourced by clients. The industry vertical structure is critically important to Wipro's revenue mix and competitive positioning. Banking, Financial Services and Insurance (BFSI) is the largest vertical, contributing approximately 30 percent of IT Services revenue — a concentration that the Capco acquisition strengthened by adding management consulting and regulatory advisory capabilities within the financial services domain. Consumer (retail, travel, hospitality, and consumer goods) contributes approximately 16 percent. Health, Manufacturing, Technology, and Communications verticals account for the remainder. The Capco acquisition deserves particular analysis as a business model evolution. Prior to Capco, Wipro's financial services offering was predominantly technology execution — implementing banking platforms, migrating infrastructure, testing trading systems. Capco added management consulting — advising banks and insurers on strategy, regulatory compliance, operating model design, and digital transformation — at a level that engages CFOs, COOs, and Board Risk Committees rather than CIOs and IT directors. This consulting-led entry point allows Wipro to shape client technology investment decisions before they reach the procurement stage, rather than competing for technology execution contracts after the strategy has been defined by a competitor. It is the same model that Accenture has used to establish deep client relationships — and it is structurally more valuable than pure technology execution. The pricing model spans time-and-material engagements (consulting and project work billed by hours or days), fixed-price project contracts (system implementations and migrations with defined scope), and managed services contracts (multi-year agreements where Wipro manages defined technology outcomes for a monthly fee). Wipro has been deliberately shifting its portfolio toward managed services and outcome-based contracts — which provide revenue predictability, reduce competitive price pressure, and build the deep operational knowledge of client environments that makes switching expensive. Wipro's delivery model leverages an offshore-predominant but globally distributed workforce of approximately 234,000 employees across India, Eastern Europe, Latin America, Southeast Asia, and on-site at client locations. India remains the primary delivery hub — approximately 70 percent of delivery staff are India-based — with nearshore hubs in Poland, Romania, Mexico, and the Philippines providing local language capability, regulatory proximity, and time zone coverage for European and Asian clients respectively.