Cisco Investments, the corporate venturing arm of networking equipment manufacturer Cisco, has committed an undisclosed amount to venture capital firm IDG Ventures India’s third fund, the Economic Times reported on Tuesday.
IDG Ventures India had initially targeted a $200m close for the fund but achieved a $208m close in 2017. The size of Cisco’s investment has not been disclosed but Sudhir Sethi, chairman of IDG Ventures India Advisors, claimed it was the corporate’s largest commitment in India to date.
The firm, part of China-based VC group IDG Capital’s global network, focuses on the software and software-as-a-service sectors, though it is not seeking opportunities in the consumer, financial technology or healthcare technology spaces.
Cisco has long been active in India, having pledged in 2010 to invest $200m in the country over a three-to-five period. It allocated $40m to early-stage startups in the country in 2014 before expanding the initiative to $100m in 2016.
Last month, Cisco became a limited partner in VC firm Stellaris Venture Partners’ first fund, which has a $100m target. The fund has already secured capital from enterprise software producer SAP and IT services firm Infosys.
Rob Salvagno, head of Cisco Investments and corporate development at Cisco, said: “Cisco has a rich history of participating in India’s technology ecosystem and investing directly in local innovation over the past decade.
“Today, we are pleased to further our commitment to the country’s ongoing digital transformation by collaborating with IDG Ventures India, one of the premier institutional venture investors in the country.”