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NetMagic Solutions, a managed IT services provider which specializes in Internet Data Centers, Managed Hosting, Network Operations and Remote Infrastructure Management, has received Rs. 80 crore (around $20.2 million) in Private Equity funding from the Indian arm of Fidelity International and Nexus India Capital. NetMagic has a Rs. 100 crore expansion plan, and will use the money to expand its footprint in domestic and international markets: they currently have offices in Mumbai, Pune Bangalore and Sunnyvale, California. The company services financial services, telecom, online media, online trading, travel and manufacturing companies. They claim a growth rate of over 70 percent over the past few years.
The funding isn’t surprising – Nexus India Capital had earlier bought out the portfolio of eVentures India in December, which included NetMagic, Connecturf India, Contests2Win and Games2Win. With this investment, Nexus has doubled its original investment in the company. So should we expect a further infusion of funds for the other companies that were a part of the eVentures portfolio?