IVF-backed ACT gets OCA Credit, Kilimanjaro debt solution

Headquartered in Bengaluru, ACT claims to be the fastest growing internet service provider in the country despite operating only in the states of Andhra Pradesh, Karnataka and Tamil Nadu.

The business was promoted by the Bengaluru-based Atria Group, which brought in IVFA as a majority shareholder in 2008. Prior to 2008, ACT had about a decade of experience in cable TV business, developing a network architecture to deliver broadband, video on demand and voice over internet protocol (VoIP) services to cable television consumers in India.

According to a statement, the company will use the extra funding to consolidate its business and to continue on its growth trajectory.

"ACT has executed its plan very well over the past few years to become a leading market player in its core areas. We are very pleased to support ACT with its growth strategy to further develop the internet broadband infrastructure in the country," said Nitish Agarwal, CIO at OCA Credit.

The transaction marks OCA Credit Fund ‘s first investment since Olympus launched its Asia structured credit business early last year. The business provides structured loans of $20-100 million with 2-3 year maturities. While the fund will invest in North Asia - specifically Japan, South Korea and Hong Kong - Southeast Asia, India and Australia are the focal points.

Avendus Capital was sole financial advisor to ACT for this transaction.

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• Topics
• South Asia
• Infrastructure
• India
• Infrastructure
• Olympus Capital Holdings Asia
• Structured finance