International Finance Corporation (IFC), the World Bank Group’s private sector investment subsidiary, is considering investing approximately $20m in India-based IT infrastructure services provider Nxtgen, Business Standard reported on Saturday.
The $20m figure would consist of both an equity investment and a loan.
NxtGen was founded in 2013, the same year it attracted an $8m investment from Intel Capital, the corporate venturing arm of semiconductor company Intel. It offers data centre co-location and enterprise cloud services, as well as dedicated web hosting and technical services.
NxtGen has committed $84m to expanding operations of its wholly owned subsidiary, NxtGen Datacenter and Cloud Technologies, in the Indian cities of Bengaluru and Mumbai, and to build a new data centre in Bengaluru to provide off-site disaster recovery and backup services. IFC’s investment would support these efforts.
Should IFC invest in the company, NxtGen will also look at expanding into other emerging markets and raising further capital.