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CanBank Venture invests Rs 250 million in data and cloud hosting firm ESDS

Tags: CanBank Venture, data and cloud hosting, ESDS Software Solution, SIDBI

February 13, 2015 | COMMENTS ( 0 )

CanBank Venture invests Rs 250 million in data and cloud hosting firm ESDS

Nasik-based ESDS Software Solution Pvt. Ltd, a leading provider of Data Center services & Cloud Hosting, is on a major expansion drive. CanBank Venture, the wholly owned subsidiary of Canara Bank, has invested Rs 250 million by way of equity and quasi equity in the first phase of a 2 lakh sq.ft. data center in Navi Mumbai to be launched in April 2015. The company is planning to setup three Data Centers in next 24 months.

"In addition, a one lakh sq.ft. Data Centre in Bengaluru is under planning stage and a 50,000 sq.ft. Data Center in Nashik will be setup in addition to the existing one," announced Piyush Somani, Chief Executive Officer and Managing Director, ESDS Software.

The present investment from CanBank Ventures would be primarily used towards setting up Navi Mumbai data center, expansion of existing infrastructure at Nasik and business development activities. For the Data Center's at Bengaluru and expansion of Mumbai data center, the company would raise funds from a combination of debt, internal accruals and further rounds of private equity investments.

Earlier, the company had raised Rs 10 crore debt from German international development bank KFW and Small Industries Development Bank of India (SIDBI). ESDS expects to close FY'15 with a revenue of Rs 450 million. The company, at present has a 50,000 sq.ft. facility in Nashik, provides Data Center and Cloud Hosting services to customers like Pizza Hut, Kafila, EsselPropack and Maharashtra State Election Commission among others.

According to Sri S Thiruvadi, Managing Director, CVCFL, "The company's products are well received in the market and we foresee substantial growth in ESDS business in the years to come. Our fund is engaged in assisting unlisted mid-stage/late stage companies which are in manufacturing/services sector with equity/quasi equity Investment between Rs 100 million and Rs 600 million."

Canbank Venture Capital Fund Ltd, a wholly owned subsidiary of Canara Bank based in Bangalore has made the investment from Emerging India Growth Fund, a Rs 4350 Million fund managed by it.

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