Cloud services platform Pi Datacenters to raise $90 mn in Series B round

Enterprise cloud service platform Pi Datacenters is in advance talks to raise about $90 million from existing investor and others.

The Series B round is meant for expansion of the cloud computing services provider company to support the second phase of Pi Amaravati and the new centres in Kochi and Naya Raipur, where all three data centres will also act as redundant centres for each other.

According to Pi Datacenters' founder and CEO, Kalyan Muppaneni, the firm aims to reach a total capacity of 5,000 racks over the next 12-18 months from the current 1,200. He said each new data centre having 2,200 racks would involve an investment of about Rs.200 crore, as reported by ET.

“We had closed the last round of funding of Rs.150 crore in series-A in December last year from “Epsilon Venture Partners," said Muppaneni, adding that “series-B funding will come in soon -in five-six months -to the tune of $90 million."

Refusing to give the details of the deal, he added that, “Existing investors will invest on a pro rata basis to maintain their stake and Pi Datacenters' promoters will retain majority stake after series-B funding."

Incorporated in 2014, Pi Datacenters is headquartered at Amaravati, the new capital of Andhra Pradesh and it claims to be world's first software-defined strategic data centre, its strategic partners include some of the top government and private regulated firms such as IRCTC, Mahindra & Mahindra Finance, Deutsche Bank, Snap Bizz, Yatra.com, Konsole Group, Acute and Net Spider, among others.

The firm, which last week launched Pi Amaravati -what it touts as Asia's largest Uptime Institute tier-IV certified data centre -is looking to open two more such units in Kochi and Naya Raipur.

Singapore-based Epsilon Venture and existing investor of Pi was founded by Sudheer Kuppam and has partnership with portfolio firms like b2b farm products e-tailer GS Farm Taaza Produce Pvt Ltd, Japanese healthcare startup Pentas and Silicon Valley-based cloud object storage company Cloudian, including others.