Epsilon Venture Partners, a pan-Asian technology focused fund manager along with an Australian private equity group has invested Rs 154 crore ($23 million) in Vijayawada-based data-centre and cloud services firm Pi Datacentres(Pi).
With this funds infusion, Pi becomes Vijayawada’s first company in the infotech and IoT space to achieve a sizable scale and can probably be showcased as an anchor to invite further IT related investments into the city and adjoining Andhra capital Amaravati
The funds raised would be used in rolling out the first few data-centres across India, according to the promoters. Pi currently has a data-centre with a greenfield modular 5 lakh square foot infrastructure, with 5,000 racks capacity spread across 10 acres at Vijayawada. “We are excited to be associated with Epsilon and their co-investor in the current round. Epsilon’s technology investment experience across the globe is of significant strategic value that would pave the way for global partnerships in ensuring that Pi brings state-of-the-art cloud infrastructure capability to India,”said Kalyan Muppaneni, founder and CEO of Pi. The round was led by Epsilon’s general partner based on the ground in India, Mehesh Vaidya, who will be joining the company’s board.
Sudheer Kuppam, managing partner of Epsilon and former head of Intel Capital Asia, said this sizeable deployment of capital in Pi demonstrates Epsilon Venture’s sourcing and execution capability.
Incorporated in September 2014, the data center firm had raised initial round of Rs 60 crore from angel investors. Last year the promoters said they would be making an incremental investment of up to Rs 600 crore in 3-4 years time.