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IFC, Axon, Intel Capital commit $13.5m to India's NxtGen

  • Holden Mann
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IT infrastructure services provider NxtGen Technology has raised $13.5 million in Series B funding from International Finance Corporation (IFC), Axon Partners Group and Intel Capital.

The money will be used to open a new data center in Bangalore and to improve NxtGen's investments in cloud infrastructure, according to a VCCircle story linked to from Intel Capital's website. NxtGen currently operates two data centers in Mumbai and Bangalore, and has offices in four cities.

IFC led the investment, providing $7.1 million. The group reported earlier this year that it was considering a commitment of up to $20 million in both equity and debt to support construction on the new data center; IFC now says its investment will be purely equity. It is not clear if the group is still considering additional investments.

Intel Capital is an existing backer of NxtGen, having committed $8.8 million to the company in 2013. Since 1998, Intel has invested more than $330 million across 90 technology companies in India.

This is Axon's first investment in NxtGen. The firm's previous involvement in India's technology space includes participating in a $28 million Series E round for tech support provider iYogi in 2014, and a 2013 purchase of a minority stake in Just Eat India, which Axon exited to Foodpanda earlier this year.

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