Cisco Investments Allocates $40 mn to Back Indian Product Startups; Covacsis, Mobstac Get Funded


Cisco Investments Allocates $40 mn to Back Indian Product Startups; Covacsis, Mobstac Get Funded

Cisco investments, the venture capital arm of Cisco today announced the allocation of $40 mn to fund early-stage firms in India. The company also announced its investment in Covacsis, a Mumbai based real time analytics platform for manufacturing

Covacsis had raised its Series B funding form GenNext Ventures– the VC arm of Reliance Industries, Cisco and Blume Ventures (Read: Manufacturing Focused Tech Startup Covacsis Targets Rs 100 cr in 3 Years).

Cisco Investments has a $2 billion portfolio which is focused on themes such as big data and analytics; the Internet of Things (IoT); connected mobility; storage; silicon; the content technology ecosystem; and India innovation.

The networking giant has invested in companies such as MobStac. India is the only geography for which Cisco is doing this globally, the company said. “We will look for product innovation from India,” said Alok Bardiya, Country Director, Corporate Development, India and ANZ.

Joydeep Bose, MD, Corporate Development, Cisco Asia Pacific & Japan said

Creating this $40 mn pool can enrich our portfolio and go to market. It’s a combination of products and solutions that we have and that are brought by our partners. Look at this as acceleration. This is one of the first steps we are taking in that direction.

In April, Cisco announced $150 mn to invest in early stage firms across the globe over the next 2-3 years. “We will invest in a partner to differ their risk in development and enough influence over each other,” said Bose.

“We don’t have a fixed ticket size. Across asset classes it will vary between $500,000 to about $12 m,” he added. The company picks less than 20% stake in companies it invests.

The networking giant has invested in about 15 companies in India so far in the last 7-10 years.

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