IFC leads $45m round for India's Tikona Digital
International Finance Corporation (IFC), the World Bank's investment arm, has led a $45 million round of investment in Indian broadband service provider Tikona Digital Networks.
According to a disclosure, IFC and the existing investors have put in $25 million, with the balance coming from Goldman Sachs Asset Management, Oak Investment partners, Everstone Capital and L&T Infrastructure Finance.
Set up in 2008, Tikona currently offers wireless broadband services to home and enterprise customers in 25 cities in India. It is licensed to use 20 MHz of spectrum in the 2.3 Ghz band in five circles - Gujarat, Rajasthan, Himachal Pradesh and Uttar Pradesh.
The company is expected to use the capital injection to help finance its expansion in Mumbai and expand its infrastructure to access middle income households and small and medium-sized enterprises. Tikona also wants to deliver voice, video, IT applications and multimedia content services over any broadband network.
More on Technology
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.