US-based networking equipment manufacturer Cisco is set to invest a total of more than $100m in India to support digitisation, a commitment that includes a $40m fund aimed at early-stage startups.
Cisco will work closely with India’s state governments and will assist with the opening of six new innovation labs, three centres of expertise and funded university collaborations. The company plans to train 250,000 students in the country by 2020.
The fund will focus on sectors including the cloud, cybersecurity, the internet of things, smart cities, healthcare, financial services and e-governance. Cisco plans on launching incubator and accelerator programs to identify potential investees.
The Indian initiative follows similar programs in the UK, Canada, France, Italy, Israel, Russia and Germany.
John Chambers, executive chairman of Cisco, said: “Digitisation goes beyond connectivity. The impact of digitisation is far-reaching, helping countries maintain global competitiveness, foster innovation and create jobs. Education and internet are two equalisers in life.
“With our increased investments in education and innovation, we are harnessing the power of technology to launch a generation of problem solvers who will innovate like technologists, think like entrepreneurs and act as social change agents.”