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Netmagic raises 
70 Crore in Series C financing
By siliconindia
Mumbai: Managed IT Hosting Services provider, Netmagic Solutions has raised raised 
70 crore in Series C financing round from Nokia Growth Partners and Cisco Systems with a follow-on investment from Fidelity international and Nexus Venture Partners.
Founded in 1998, Netmagic will utilize the investment to enhance their presence in the data center market in India by opening new centers and expanding the existing ones. The funds will also be used to increase investments in developing cloud computing technologies.
"We see cloud as the fastest growing service for us. In the next two years, it will account for 15-20 percent of our revenue from 4-5 percent now. We are competing head-on with Amazon in public cloud offerings," said Sharad Sanghi, Managing Director and CEO, Netmagic Solutions.
Netmagic has multiple carrier-neutral Tier III datacenters located in Mumbai, Bangalore, and Chennai as well as a virtual data center in the U.S.
70 crore in Series C financing round from Nokia Growth Partners and Cisco Systems with a follow-on investment from Fidelity international and Nexus Venture Partners.
Founded in 1998, Netmagic will utilize the investment to enhance their presence in the data center market in India by opening new centers and expanding the existing ones. The funds will also be used to increase investments in developing cloud computing technologies.
"We see cloud as the fastest growing service for us. In the next two years, it will account for 15-20 percent of our revenue from 4-5 percent now. We are competing head-on with Amazon in public cloud offerings," said Sharad Sanghi, Managing Director and CEO, Netmagic Solutions.
Netmagic has multiple carrier-neutral Tier III datacenters located in Mumbai, Bangalore, and Chennai as well as a virtual data center in the U.S.
