 "Indian start-up Yotta Data Services Pvt. Ltd.")
By Saikat Das
Indian start-up Yotta Data Services Pvt. Ltd. is seeking to raise about $500 million to invest in its data center parks, according to people familiar with the matter.
The firm is in talks with private credit funds including Oaktree Capital Management LLP for the financing, the people said, asking not to be identified discussing a private matter. Cerberus Capital Management LP and Davidson Kempner Capital Management LP also had discussions with Yotta, they said.
The company will likely go for a bilateral deal to be finalized in early 2025, they said, adding the terms are not finalized yet and bank credit is also an option.
Yotta’s fund-raising plan underscores the growing need for capital in the world’s fastest-growing major economy that has made infrastructure building a key priority. The nation’s $10 billion private credit industry is witnessing an unprecedented flurry of deals, with local firms competing with global players for market share.
Yotta, backed by real estate billionaire Niranjan Hiranandani, is buying chips from Nvidia Corp. to offer high-performance computing capabilities from its data centres to help corporations in the country develop their own artificial intelligence services.
Davidson Kempner and Oaktree declined to comment, while Yotta and Cerberus didn’t reply to emails seeking comments.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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