 "Digital infra solutions company iBUS raises $200 mn from govt's NIIF")
iBUS, a digital infrastructure solutions company, said on Wednesday it has raised $200 million from government-backed National Investment and Infrastructure Fund Limited (NIIF).
The company said it will use the funding for scaling up operations through “organic and inorganic growth initiatives”. iBUS said it aims to strengthen its position as a leader in in-building solutions, outdoor small cells, and managed WiFi services as it expands in new sectors such as internet of things solutions.
The company will make investments to develop new infrastructure solutions that will address evolving market demands and technological advancements.
NIIF will hold a significant majority stake in iBUS after the funding transaction is completed. "Digital infrastructure is critical to our country's growth and with a 60 per cent year-on-year growth, iBUS is geared up to participate and contribute to the Bharat story. We were looking for the right investment partner and with NIIF, we found partners who are completely aligned with our vision," said Ram Sellaratnam, group chief executive officer at iBUS, referring to an alternative name for the country.
Vinod Giri, managing partner - master fund at NIIF, said, "Our investment in iBUS marks the eighth investment by our infrastructure fund and the second in digital infrastructure, underscoring our belief in the transformative power of digital technology for India's economy."
India’s digital landscape is evolving at an “unprecedented pace”, with the transformation unlocking potential for the nation, said iBUS in a statement. A robust backend infrastructure is needed to support the digital transformation, and about $35-$40 billion in capital expenditure is expected in the sector in the next five years.
Avendus was the transaction advisor to iBUS for the investment.