Netmagic Solutions, a leading carrier-neutral managed IT services provider based in India, today announced that it has received Rs 80 crore in private equity funding.
The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International (FIL) and Nexus India Capital, a leading Indian venture capital firm.
Netmagic said it will use the proceeds of the financing to accelerate business growth and expand footprint in the domestic and international markets and build a nationwide network of data centres.
“Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors,” Sharad Sanghi, CEO and managing director, Netmagic, said.
“This is the right time to invest more aggressively and scale our business to the next level and roll out new locations and services in 2008.”
Raj Dugar, senior managing director at FIL's Indian proprietary venture and growth capital arm, said Netmagic has achieved growth rates of over 70% over the past few years, and gained significant marketshare in the highly competitive managed hosting services market.
According to Sandeep Singhal of Nexus India Capital, “Netmagic's leadership position, technology innovation, and high quality delivery has led us to double up on our original investment in the country.”
Source: Business Standard