Managed IT Hosting Services provider, Netmagic Solutions announced raising Rs.70 crore in funds from Nokia Growth Partners, Cisco Systems and existing investors Fidelity International and Nexus Venture Partners.

Netmagic plans to utilise these funds in enhancing its data center footprint in Tier-I cities in India.

“We are delighted to have raised fresh capital from Nokia Growth Partners and Cisco, and their industry expertise and global experience will help Netmagic as we continue our growth in managed hosting and cloud computing.  Their investment reinforces our industry and technological leadership and the potential for this market in India. We will utilize this round of funding to increase our datacenter footprint and increase investment in R&D efforts for our Cloud Computing platform,” said Sharad Sanghi, Managing Director and CEO, Netmagic Solutions.