Netmagic Solutions has raised Rs. 70 crore (around $16 million) in its third round of funding, from Nokia Growth Partners and Cisco Systems, with existing investors Fidelity International and Nexus Venture Partners also participating. Netmagic is a managed IT services provider specializing in Internet Data Centers, Managed Hosting, Managed Security, Cloud Computing, Application Hosting etc. The company services financial services, telecom, online media, online trading, travel and manufacturing companies.
In 2008, NetMagic had raised Rs. 80 crore from Fidelty and Nexus Venture Partners. Nexus also has stake in the company from acquiring eVentures’ stake in the company. The company services financial services, telecom, online media, online trading, travel and manufacturing companies, and competes with entities like Sify (Enterprise Business) and Net4India.
The funding will enable Netmagic Solutions to increase its datacenter footprint in Tier – I cities across India. The company also intends to increase investment and R&D for its Cloud Computing platform.