Digital infrastructure company iBUS Network and Infrastructure on Tuesday said it has raised about Rs 280 crore (USD 34 million) from 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 per cent, 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 USD 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.
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NIIF had invested USD 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 per cent in the last five years. We expect to maintain the growth momentum in the range of 60-70 per cent. In the financial year 2024, we grew by about 40 per cent on year-over-year basis. We expect to close the financial year with a revenue of around Rs 256 crore," Vasudevan said.
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