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Netmagic Raises Rs. 70 Cr Funding Led by Nokia Growth Partners, Cisco
IT News Online Staff
2010-10-05
Netmagic Solutions, a managed IT hosting services provider in India, announced that it has raised Rs. 70 crores 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 center 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. Their investment reinforces our industry and technological leadership and the potential for this market in India," said Sharad Sanghi, Managing Director and CEO, Netmagic Solutions.
"We will utilize this round of funding to increase our datacenter footprint and increase investment in R&D efforts for our Cloud Computing platform," added Sanghi.
"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 center solutions. Nokia Growth Partners invests in leading technology companies with significant potential for future growth and industry leadership," said Upal Basu from Nokia Growth Partners.
"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," added Basu.
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