Netmagic Solutions, an India-based provider of managed information-technology hosting services, has raised R70crores ($12.5m) in a round led by mobile phone maker Nokia’s corporate venturing unit and computer server group Cisco Systems.
Nokia Growth Partners, Cisco, mutual fund company Fidelity International and Nexus Venture Partners made up the investment consortium that will expand the number of data centres the company uses in large cities.
Fidelity and Nexus had previously invested R80crore in February 2008. Netmagic had received an initial $4m from eVentures in 2000 before the venture capital firm was acquired by Nexus, which followed on its commitment to the company.
Upal Basu, partner at Nokia Growth Partners, which manages $350m, said: "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."