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 depends on the authorities. 

## 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 https://expatriates.stackexchange.com/questions/7079/is-it-true-that-you-dont-need-a-degree-to-work-as-an-it-specialist-in-germany