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

BANGALORE: Netmagic Solutions, a carrier- neutral managed IT services provider based in India, on Tuesday announced that it has acquired Rs 80 crore in private equity funding, as part of its Rs 100 crore expansion plan.

The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International Ltd (FIL) and Nexus India Capital, a leading Indian venture capital firm. Netmagic said it would use proceeds of the financing to accelerate business growth and expand its 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'', Netmagic CEO and Managing Director Sharad Sanghi said. This is the right time to invest more aggressively and scale our bus iness to the next level and roll out new locations and services in 2008", he added.

Mr Raj Dugar, Senior Managing Director at FIL's Indian proprietary venture and growth capital arm, said over the past few years, Netmagic has achieved growth rates of over 70 per cent and gained significant market share in the fast-growing, highly compet itive Indian managed hosting services market. - PTI

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