US technology company Cisco has announced its intention to invest $240 million in Indian startup operations. Cisco, which has headquarters in San Jose, California, United States, specializes in designing, manufacturing and selling networking equipment. The company employs around 300,000 developers globally and has the stated intention to increase this to 1 million developers by the close of 2020.
Cisco has been in operation in India for over 20 years and during its time on the sub-continent has filed over 1,000 global patents. The company will focus its investment efforts on companies that are involved in cloud computing, the Internet of Things (IoT) and mobile technology. News of the move comes in the wake of Dell’s investment arm planning to invest $300 million in Indian startups.
“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,” explained Amit Phadnis, Cisco’s President and Engineering and India Site Leader. “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.”
Do you know of any other industry players involved in major investments? Let us know the details. Add your comments below.
Follow : hostsearch.com