IT giant Cisco has announced that it intends to invest $240 Mn in the startup space in India.

The company plans to to work with startups, accelerators, developers, researchers, ecosystem partners and VCs.

It plans to invest in startups working on  products that have global appeal in sectors like cloud computing, mobile technologies and Internet of Things (IoT) sectors.

Amit Phadnis, President and Engineering & India Site Leader, 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”.

Recently, several of the IT biggies have shown interest in the startup sector. Earlier this year, Infosys had invested in the VC firm Vertex to boost its presence in the startup space. The second largest software provider in India had announced in May, that it was planning to invest $10-25 Mn in the startup space and was evaluating a few early stage startups for the same.

Earlier this year, India’s third largest software exporter, Wipro, had invested $5 Mn in SaaS startup Drivestream.

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