Netmagic Attracts Rs 80 Crores Funding
EFYTimes, February 12, 2008

Funding from Fidelity International and Nexus India Capital to fuel Netmagic's business growth.

Tuesday, February 12, 2008: As part of its Rs 100 crore expansion plan, Netmagic Solutions has acquired Rs 80 crores in private equity funding. This funding was led by the Indian proprietary venture and growth capital arm of Fidelity International Limited (FIL) and Nexus India Capital. Netmagic will use proceeds of this financing to accelerate business growth and expand its footprint in the domestic and international markets and build a nationwide network of data centres.

According to Sharad Sanghi, chief executive officer and managing director, Netmagic Solutions, "Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors. This is the right time to invest more aggressively and scale our business to the next level and roll out new locations and services in 2008."

"With a world-class management team, best-in-class systems and processes and solid customer base, we are confident of Netmagic's continued success and look forward to being associated with the company as it achieves its ambitious growth plans," added Raj Dugar, senior managing director, FIL's Indian proprietary venture and growth capital arm.

This article in its complete form appeared in the February 12, 2008 issue of EFYTimes. It also appeared on the periodical's online portal on the following URL. Click the following link to read the archived article in its full form as it was published.