The Hindu Business Line : Netmagic gets Rs 80 cr pvt equity funding

Bangalore, Feb.12 Netmagic Solutions, a managed IT services provider, has received Rs 80 crore private equity funding to finance its expansion plans. The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International Ltd (FIL) and Nexus India Capital. Netmagic declined to give the equity dilution in return for the funding it received from the investors.

This is the second series of funding the company has received, the earlier one of $4 million being in 2007 from different investors.

Netmagic plans to invest Rs 100 crore this year to scale up its business faster, said Mr Sharad Sanghi, CEO and Managing Director. He said the company will leverage from internal accruals to make up for the total investment plan.

Addressing a press conference here on Tuesday, Mr Sanghi said the company would be setting up four new data centres, three in Mumbai and one in Bangalore. The company already has four data centres.

With Indian companies embarking on IT spending, Netmagic sees huge potential for growth. Mr Raj Dugar, Senior Managing Director of FIL’s Indian proprietary venture and growth capital arm, said Netmagic has achieved growth rates of over 70 per cent.

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Netmagic gets Rs 80 cr pvt equity funding