Cisco Investments announces $40 million fund for early-stage firms in India
Monday, June 23, 2014
BANGALORE: Cisco Investments has set aside $40 million (Rs 240.9 crore) to invest in early stage Indian startups focused primarily on three verticals–connected mobility, big data and internet of things.
The fund, called “India Innovation” is carved out of Cisco’s existing $250 million global fund, a first time that Cisco has made a geography-based allocation.
“Part of why we’re doing this, is we’re going after the India market aggressively,” said Dinesh Malkani, president of sales, Cisco India and SAARC. The company had earlier invested in MobStac, a mobile ecommerce app developer.