Bangalore: Netmagic Solutions, a leading carrier-neutral managed IT services provider based in India, as part of its Rs 100 crore expansion plan, today announced that it has acquired Rs 80 crore in private equity funding.

The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International Limited and Nexus India Capital, a leading Indian venture capital firm.

Netmagic said it will use proceeds of the financing to accelerate business growth and expand its footprint in the domestic and international markets and build a nationwide network of data centres.

"Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors", CEO and Managing Director of Netmagic, Sharad Sanghi, said.

"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".

Raj Dugar, Senior Managing Director at FIL's Indian proprietary venture and growth capital arm, said over the past few years, Netmagic has achieved growth rates of over 70 per cent and gained significant marketshare in the fast-growing, highly competitive Indian managed hosting services market.

According to Sandeep Singhal from Nexus India Capital, "Netmagic's leadership position, technology innovation, and high quality delivery has led us to double up on our original investment in the country".

Source : PTI