Cisco to invest US $100mn in Indian startups

xcisco-logo-new.jpg.pagespeed.ic.LazXKhJL3nCisco Systems Inc will invest around USD100mn in India to support the country’s visionary plan of connecting to thousands of its villages to the Internet and create jobs, Executive Chairman John Chambers has said.

Cisco has already invested in about 25 companies in India.

Prime Minister of India Narendra Modi has begun a series of initiatives under the ‘Digital India,’ ‘Skill India,’ and ‘Startup India’ schemes to connect millions of Indians to the Internet, creating more tech jobs and move more services online.

Chambers said, “We are collaborating closely with state governments on strategic initiatives like setting up innovation labs. We want to play a key role in digitisation of the country. The impact of digitisation is far-reaching, helping countries maintain global competitiveness, foster innovation and create jobs.”

“Cisco’s strategy is to have an active role at all stages of startup development, from identification, creation of incubators and accelerator programs, to directly and indirectly funding the most promising digital startups across India,” he added.

Cisco will set up six new innovation labs, three centres of expertise, funded university collaborations and skills investments as part of its plans under the global Country Digitisation Acceleration (CDA) Programme. Overall, 2.5 lakh skilled students would be benefited by this and India would be a market place for high-value technology-based careers.