Chennai, NFAPost: Sify Infinit Spaces Limited, the data centre business division of Sify Technologies, has entered into an agreement with KDCF so that latter will invest Rs 60 crore.
KDCF will invest up to Rs 60 crore (approximately USD 73 Million) in the form of compulsory convertible debentures of SIS.
SIS will use the proceeds from the issue of these debentures for the expansion of new data centers, including land acquisition for data centers, investment in procuring alternate source of power and repayment of debt.
SIS data centre buysiness reached Rs 27.04 crore during the first quarter of fiscal 2024 compared with Rs 26.16 crore in the same period last fiscal.
The company made the announcement on data centre business expansion while declaring the first quarter result. Sify Technologies total revenue reached Rs 85.47 crore during the first quarter of fiscal 2024, registering an increase of 11% over the same quarter last fiscal.
As of June 30,2023, Sify provides services via 910 fiber nodes across the country, a 10% increase over same quarter last year. The network connectivity service has now deployed 6541 SDWAN service points across the country.
During the quarter, Sify invested $193,000 in startups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investment stands at $5.57 Million.
Speaking at the result announcement, Sify Technologies Chairman Raju Vegesna said India is in one of its most exciting phases of growth.
“This has to do with its recognition as a mature, stable destination, the availability of relevant resources and tools, and significant untapped demand from Indian enterprises,” said Sify Technologies Chairman Raju Vegesna.
He also highlighted that the government has been consistent in using IT as an enablement tool to implement social measures, and this has contributed to a very mature IT ecosystem.
Sify Technologies Chairman Raju Vegesna said the company’s next phase of growth will leverage this favorable environment by introducing innovative and cost-effective digital services for customers.
“Fiscal discipline will remain the cornerstone of our growth strategy as we scale investments into Data Centers and Networks. By judiciously allocating investments and resources, we will seamlessly expand our infrastructure, invest in new resources and build competencies and scale,” said Sify Technologies Chairman Raju Vegesna.
While we expect to see these investments impact profitability in the near term, Sify Technologies Chairman Raju Vegesna said they should enable us to aggressively pursue digital transformation engagements in the future.
