Thursday, May 23, 2024

Business

iBUS raises $200 mn from NIIF to fuel digital infrastructure expansion in India

IANS | April 10, 2024 12:22 PM

NEW DELHI: Digital infrastructure solutions company iBUS, on Wednesday said, that it has raised $200 million from the government-backed National Investment and Infrastructure Fund Limited (NIIF) to support the growth of India’s digital infrastructure.

According to the company, the funds raised will be deployed towards scaling iBUS’ operations through organic and inorganic growth initiatives.

"Digital infrastructure is critical to our country’s growth and with a 60 per cent (year-over-year) growth, iBUS is geared up to participate and contribute to the Bharat story. We were looking for the right investment partner and with NIIF we found partners who are completely aligned with our vision, " Ram Sellaratnam, Group CEO at iBUS, said in a statement.

Moreover, the company said that the investment will be directed towards developing new infrastructure solutions to address evolving market demands and technological advancements.

"Our investment in iBUS marks the eighth investment by our infrastructure fund and the second in digital infrastructure, underscoring our belief in the transformative power of digital technology for India’s economy, " said Vinod Giri, Managing Partner - Master Fund at NIIF.

In addition, the company mentioned that this investment aligns with the government's Digital India Mission, aimed at transforming the country into a digitally-empowered society and a global knowledge economy.

Have something to say? Post your comment