Just to answer this, I was granted a visa eventually.
Initially, when I mailed the embassy to inquire, I was told I had no chance of getting a visa. But when I applied, I surprisingly was approved.
This is what I did:
- I requested my employer for a ZAV pre-approval letter.
- I submitted my educational qualifications and the ZAV letter along with the visa application. Although my degree was only conditionally comparable, they considered the application. I also attached my post-graduate diploma certificate (But I'm not sure if this was considered). There was no detailed explanation on what grounds they granted me a visa.
This leaves me with only one conclusion that it entirely depends on the visa officerauthorities.
Update as of late 2020:
So with the 6-month entry visa granted to me, I later applied for a residence permit and I was given the EU blue card.
I think it's also worth looking at this thread Is it true that you don't need a degree to work as an "IT specialist" in Germany? What exactly classifies as "IT specialist" in this context?