Chennai based IT firm, Sify Technologies has recently announced that the company will be looking to invest in or partner with technology startups focusing on Cloud, Security and Managed services.
Sify had gathered INR 30 crore last month from Sify’s promoter group as initial capital for such investments and will keep aside further INR 120 crore for such investments in startups.
The company had stated that these investments or partnerships will be directed at companies that have synergies with Sify’s current business lines and is aimed strengthening and differentiating Sify’s current service and product offerings for domestic and international markets.
“Sify will also seek to leverage the Company’s intellectual property in India, create new revenue streams and increase brand awareness,” said the company.
There are various IT majors who had been working on similar plans of offering help to the startups such as the Cognizant’s business accelerator that has incubated 20 ideas over the past 18 months and Infosys Limited launched innovation fund of about USD 100 million.
A report by ET do states that top IT majors like Infosys, Wipro, TCS, Mindtree has been looking to invest in the startups. But in comparison to Silicon Valley where giants like Cisco, Google, Microsoft, etc have been actively involved in acquiring and funding the young startups, in India such culture is still in passive mode.
Nasdaq listed Sify Technologies was launched in 1998 as a Indian broadband internet provider. Last month it had revealed plans to offer net telephony by acquiring the new Unified Licence for telecom services.
To contact the author, email email@example.com