Mobile WiMax products and professional services provider Soma Networks on Friday said that it has secured an additional $51-million of equity financing.
Investors include Daiwa Securities Group, Daiwa Securities SMBC Principal Investments Company, Ridgeway Capital Partners and India Knowledge Fund and SBICAPS, amongst others, a press release issued here stated.
India Knowledge Fund is a private equity fund of Japan-based SBI Holdings Inc.
The financing has been earmarked for continued expansion of international operations and deployments, including ongoing support of the industry's largest WiMax network with Bharat Sanchar Nigam Ltd (BSNL).
Earlier this year, BSNL and Soma had announced an agreement to roll-out a mobile WiMax network across three of India's fastest-growing circles–Gujarat, Maharashtra and Goa and Andhra Pradesh, the release said.
Daiwa Securities SMBC Principal Investments' Deputy President, Toshihiko Onishi said, “We are encouraged by the great opportunities that lie ahead for Soma Networks, particularly in light of the growing demand for broadband services in one of the world's largest markets.
“We look forward to supporting Soma as they continue to execute on the major market opportunity at hand.”
Soma Networks' Founder and Chief Executive Officer Yatish Pathak said, “We are in a position of strong international growth in emerging markets, as service providers around the world are realising the far-reaching benefits of deploying our WiMax system technologies.”
Source: Economic Times