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Chennai Based Sify Technologies To Invest In Technology Startups

sifyNasdaq listed Sify Technologies which is on a turnaround path with its Sify 3.0 strategy, will fund and partner with startups, the company said.

The Chennai based company has gathered Rs 30 cr of capital from its promoters, last month, for this.

Sify has plans to pull in an additional Rs 120 cr based on the decisions made by its director board.

The company said in a statement:

Sify’s Board has also approved the execution of an Amendment to the Subscription Agreement removing the current September 2013 deadline to call the balance of INR 120 crores, leaving such funds available for draw by the Board at such time as it determines the funds are needed.

The technology company also said that the investments and partnerships will be aimed at startups who have interests similar to Sify’s existing business lines.

Sify said that it plans to strengthen and differentiate its current products and services, and also expand its presence in international markets with this move.

After successive loss making quarters, Nasdaq listed Sify Technologies which started off as a broadband internet provider in 1998 has been on a turnaround plan called Sify 3.0. Last month Sify Technologies said that it was planning to offer net telephony after acquiring the new Unified Licence for telecom services.

IT majors like Infosys, Wipro, TCS & Cognizant have also said recently that they are looking to invest or partner with tech startups. However, we haven’t heard of any such investments so far.

In April, Infosys said that it has set aside $100 mn to found new ideas from within the company to create spin offs. Cognizant has setup a business accelerator to incubate ideas.

Recomended Read: Infosys May Look at Investing CSR Money in Startup Incubators

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