Cisco Investments allocates $40M to fund early-stage firms in India, discloses investment in Covacsis
Summary
The new funding allocation is focused on product and technologies that are unique and relevant to India and other emerging markets, including cost optimised designs, industry vertical solutions and application of cloud. As part of the India Innovation theme, the company has also disclosed its first investment in Mumbai-based Covacsis Technologies Pvt Ltd, an enterprise software firm. “India is committed to rapidly building out its communications infrastructure, which presents a unique opportunity for local entrepreneurs to develop new technologies and applications. By spurring and accelerating technology innovation, we want to help India evolve as a global hub for innovation and help Cisco become a defining player in taking technology investment in the region to the next level,” added Joydeep Bose, MD, corporate development, Cisco Asia Pacific and Japan. Cisco has invested in Indian ventures such as Apalya, Netmagic, Qyuki, MobStac, Moxtra, Indiagames, Comviva, as well as social innovation funds like Aavishkaar.
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