AI-focused cloud provider E2E Networks secures INR 420.5 Cr (around $50 Mn) via preferential issue of equity shares from a group of investors
Its board approved the preferential issue of up to 24,81,592 equity shares at an issue price of INR 1694.50 per share, to raise the total sum
E2E Networks plans to use the fresh funds to accelerate growth of its AI-first cloud platform to support advanced machine learning and AI-driven applications
AI-focused cloud provider E2E Networks has secured INR 420.5 Cr (around $50 Mn) in a strategic investment via preferential issue of equity shares.
This investment saw participation from a group of investors, including members of the promoter group and other public investors.
The company’s board approved the preferential issue of up to 24,81,592 equity shares at an issue price of INR 1694.50 per share, to raise a sum of INR 420,50,57,644 (INR 420.5 Cr).
E2E Networks plans to use the fresh funds to accelerate growth of its AI-first cloud platform, enhancing its capability to support advanced machine learning and AI-driven applications.
Founded in 2009 by Tarun Dua, E2E Networks is a solid-state drive (SSD) cloud startup offering private and public CloudOps platforms, where it aids enterprises shift their operations to the cloud and manage them.
Dua said, “This investment is a significant milestone in our journey to becoming the leading AI-First Cloud Platform from India. The capital raised will enable us to enhance our cloud infrastructure, ensuring that we continue to deliver unparalleled value to our customers and support the next wave of AI-driven innovation in India.”
This development comes at a time when Bhavish Agarwal-led new unicorn Krutrim announced its plans to develop India’s first homegrown family of chips for artificial intelligence, general compute and Edge, where it is looking to launch the first chip by 2026.
E2E Networks, however, revealed its plans to invest in expanding its accelerated cloud infrastructure, focusing on next-generation cloud GPUs and GPU clusters, which are critical for AI and machine learning workloads.
Dua further said, “Our recent empanelment by the Ministry of Electronics and Information Technology (MeitY) further solidifies our commitment to providing secure and compliant cloud solutions tailored to the needs of both public and private sector.”
As of 11:21 AM, the Delhi-NCR-based company’s stock was trading at INR 2,385.65, marking a 5% rise from its previous close of INR 2,272.05.
