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Netmagic raises Rs 70 crore in financing led by Nokia Growth Partners, Cisco Systems

Netmagic Solutions, a leading managed IT hosting services provider, has raised Rs 70 crore in a financing round led by Nokia Growth Partners and Cisco Systems. Existing investors Fidelity International and Nexus Venture Partners also participated in the round. The funding will enable Netmagic Solutions to increase its data centre footprint in Tier-I cities across India.

Netmagic Solutions, a leading managed IT hosting services provider, has raised Rs 70 crore in a financing round led by Nokia Growth Partners and Cisco Systems. Existing investors Fidelity International and Nexus Venture Partners also participated in the round. The funding will enable Netmagic Solutions to increase its data centre footprint in Tier-I cities across India.

“We are delighted to have raised fresh capital from Nokia Growth Partners and Cisco, and their industry expertise and global experience will help Netmagic as we continue our growth in managed hosting and cloud computing,” Sharad Sanghi, MD and CEO, Netmagic Solutions, has said. “We will utilize this round of funding to increase our data centre footprint and increase investment in R&D efforts for our cloud computing platform.”

“The growth of internet traffic in India and willingness of Indian companies to adopt managed hosting are driving demand for high quality, carrier independent data centre solutions. Nokia Growth Partners invests in leading technology companies with significant potential for future growth and industry leadership. We believe Netmagic fits this profile well and look forward to working with their management as they continue to build industry leading managed service solutions,” Upal Basu, managing director, Nokia Growth Partners India, has said.

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