The capital will be used to build new infrastructure solutions to cater to evolving market needs and technological advancements
NIIF said it will hold a “significant” majority stake in iBUS post the completion of the deal
Founded in 2013, iBUS builds digital infrastructure solutions and deploys cellular and Wi-Fi connectivity at IT parks, airports, hospitals, among others
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Digital infrastructure solutions company iBUS has raised $200 Mn (around INR 1,658 Cr) in strategic funding from the National Investment and Infrastructure Fund (NIIF).
The fresh proceeds will be utilised to fuel organic as well as inorganic growth initiatives to scale up operations. In addition, the capital will also be deployed to build new infrastructure solutions to cater to evolving market needs and bolster presence in the arena of emerging technologies.
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.
NIIF said it will hold a “significant” majority stake in iBUS post the completion of the deal.
It is pertinent to note that the funding was facilitated via NIIF’s Master Fund.
Commenting on the funding, iBUS group CEO Ram Sellaratnam said, “… We were looking for the right investment partner and with NIIF we found partners who are completely aligned with our vision. iBUS can deliver at scale and we are here to transform connectivity in the country at scale, speed, and the right value.”
Chiming in, managing partner at NIIF’s master fund Vinod Giri said, “Our investment in iBUS marks the eighth investment by our infrastructure fund and the second in digital infrastructure… We are excited to partner with iBUS, whose commitment to innovating and expanding digital infrastructure aligns with our objective of supporting India’s digital transformation.”
Prior to the latest fundraise, iBUS had raised a total funding of $237.9 Mn across four rounds. It last raised INR 125 Cr from Japan-based Nomura in 2022.
The company is also backed by the likes of N Squared, Morgan Stanley, Mohandas Pai, among others.
iBUS competes with the likes of Qihoo 360 Technology, Houseparty, and Kdan Mobile Software.
As per 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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