IFC has also bought a minority stake in the Bengaluru-based company on the back of this investment.
With the fundraise, Morgan Stanley along with high net-worth individual (HNI) investors have exited the company with a return in the range of 20%-45%,
The recent funding also comes a few months after NIIF acquired a majority stake in iBUS for INR 1,658 Cr (around $200 Mn).
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Digital infrastructure solutions startup iBUS has raked in INR 280 Cr (around $34 Mn) from the World Bank Group’s arm International Financial Corporation (IFC) to expand its footprint in the overseas market.
As per news agency PTI, IFC has also bought a minority stake in the Bengaluru-based company on the back of this investment.
“With this strategic investment, our focus will be on international expansion. The fund will be equally distributed between organic and inorganic expansion,” iBUS’s chief business officer Subash Vasudevan told PTI.
With the fundraise, Morgan Stanley along with high net-worth individual (HNI) investors have exited the company with a return in the range of 20%-45%,
The recent funding also comes a few months after NIIF acquired a majority stake in iBUS for INR 1,658 Cr (around $200 Mn).
Prior to that, the company also raised INR 125 Cr from Japan-based Nomura in 2022.
Founded in 2013 by Ram Sellaratnam, Subash Vasudevan and Sunil Menon, iBUS builds digital infrastructure solutions and deploys cellular and Wi-Fi connectivity at IT parks, airports, hospitals, among others.
Its product portfolio includes iBus Talk (data connectivity inside buildings), iBus Find (consumer behaviour analyser), iBus Sync (broadband services) and iBus Sense (IoT-enabled communication platform).
The solutions aim to enhance mobile signal networks, enable high-speed indoor connectivity and converge licensed telecom signals and data with WiFi and LTE/U bands.
According to Vasudevan, the company has achieved a compound annual growth rate of 60%-65% in the last five years. “In the financial year 2024, we grew by about 40 per cent on a year-over-year basis,” said Vasudevan, adding that the company expects to close the current fiscal year with a revenue of around INR 256 crore.
The company’s competitors include Qihoo 360 Technology, Houseparty, and Kdan Mobile Software.
According to a report by Markets And Markets, India’s 5G infrastructure market is estimated to reach a size of $47.78 Bn by 2027.
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