The tech giant, Cisco Systems, Inc has announced that it is going to invest $240 Million in the Indian Startup sector. The MNC wants to associate with accelerators, startups, researchers, ecosystem partners and developers.
The company will invest in the startups, which are working on the products with global appeal in different verticals like mobile tech, Internet of Things (IoT) and cloud computing. The president and Engineering & India Site leader, Amit Phadnis said, “We are not just investing in startups with returns in mind, but we are looking to partner with startups that build product which can be used by Cisco. We are looking for startups that create solutions for smart cities with digital innovation. We are committed to working with start-ups, accelerators, developers, researchers, ecosystem partners and the venture community to accelerate India’s digital transformation.”
Currently, about 300K developers work for the company, but it is aiming to reach 1 million developers by the end of 2020. The tech giant has spent $6.3 Billion in its R&D department. Now, the company has completed 20 years in India and had filed 1,000 global patents since its inception in India.
Currently, lots of IT giants are investing in Indian startup sector. Earlier, Infosys had invested in VC firm Vertex to make stronger presence in startup sector. Dell had also announced the plan of investing in Indian startups with its $300 Million Venture arms.