NIIF-backed iBUS raises Rs 280 Cr from International Finance Corporation
The National Investment and Infrastructure Fund (NIIF), Morgan Stanley, and High-Net-Worth Individuals (HNI) have been among the initial investors in the company.
Digital infrastructure company iBUS Network and Infrastructure on Tuesday said it has raised about Rs 280 crore ($34 million) from the International Finance Corporation to support the company's international expansion.
The National Investment and Infrastructure Fund (NIIF), Morgan Stanley, and High-Net-Worth Individuals (HNI) have been among the initial investors in the company, which specialises in providing in-building telecom network solutions and Wi-Fi managed services.
Morgan Stanley and HNI investors have exited the company with a return in the range of 20-45%, said Subash Vasudevan, Chief Business Officer, iBUS Network.
"IFC investment is one of the biggest milestones for iBUS. They have invested about Rs 280 crore, which is $34 million. With this strategic investment, our focus will be on international expansion. The fund will be equally distributed between organic and inorganic expansion," Vasudevan added.
NIIF had invested $200 million in the company.
He said that with this funding round the company has raised a total of Rs 1,140 crore from investors.
"We have been seeing a compound annual growth rate of 60-65% in the last five years. We expect to maintain the growth momentum in the range of 60-70%. In the financial year 2024, we grew by about 40% on a year-over-year basis. We expect to close the financial year with a revenue of around Rs 256 crore," Vasudevan said.
Edited by Affirunisa Kankudti