Netmagic raises Rs. 70 cr from Nokia, Cisco

Netmagic Solutions, India?s leading managed IT hosting services provider, on Tuesday announced that it has raised Rs. 70 crores in a financing round led by Nokia Growth Partners and Cisco Systems (NASDAQ: CSCO).

Existing investors Fidelity International and Nexus Venture Partners also participated in the round. The funding will enable Netmagic Solutions to increase its datacenter footprint in Tier – I cities across India, said the company on Tuesday.

?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,? he added.