Pi Datacenters, a cloud infrastructure startup, is reportedly in talks with existing and new investors to raise around Rs 575 crore ($90 million) in its Series B round of funding.
The company, which recently launched Pi Amaravati, what it touts as Asia’s largest Uptime Institute tier-IV certified data centre, is looking to open two more such units in Kochi and Naya Raipur. It will also spend money to fuel its expansion.
Pi Datacenters’ founder Kalyan Muppaneni said that Pi Amaravati aims to reach a total capacity of 5,000 racks over the next 12-18 months from the current 1,200. He also added that each new data centre having 2,200 racks would involve an investment of about Rs.200 crore. He said:
We had closed the last round of funding of Rs.150 crore in series-A in December last year from Epsilon Venture Partners. Series-B funding will come in soon -in five-six months -to the tune of $90 million. Existing investors will invest on a pro rata basis to maintain their stake and Pi Datacenters’ promoters will retain majority stake after series-B funding.
Pi Amaravati, which claims to be world’s first software-defined strategic data centre, announced agreements for offering services to Power Grid, IRCTC, Mahindra & Mahindra Finance, Deutsche Bank, Snap Bizz, Yatra.com, Konsole Group, Acute and Net Spider, among others.
Last year, the company had raised around Rs 147.5 crore ($23 million) in its Series A round of funding, which was led by EpsilonVenture Partners and a major Australian private equity group.
Pi Datacenters is an enterprise-class data center (DC) and cloud service provider with a disruptive approach to technology, infrastructure, and security, making it well poised to become a major player in the Indian DC market.
Its data center is a greenfield modular five lakhs square foot infrastructure with 5,000 racks capacity, spread across 10 acres. The product portfolio is designed to cater to enterprises across industry verticals, ranging from tailored industry-based cloud-enabled solutions around infrastructure as a service (IaaS), platform as a service (PaaS) and disaster recovery as a service (DRaaS), to off-the-shelf services like co-location, managed hosting and managed services.