CtrlS secures Rs. 2.5 Billion Funding for National Expansion
CtrlS, India's only Datacenter with the capability to provide 99.995% uptime SLA, the highest in the datacenter industry, today announced that it has successfully raised Rs. 2.5 Billion from a consortium of Indian Banks.
Mr. P Sridhar Reddy, CMD CtrlS said," We have been experiencing exponential growth over the last year and hence we are building additional capacity to sustain this growth. Our new green datacenters will be the finest in the world".
"We are delighted to have achieved financial closure for Rs. 2.5 Billion in a challenging financial market. These funds will be used by CtrlS for building new state of the art Tier 4 datacenters in Mumbai, Delhi and other major cities", said Mr. Prabhakar Reddy, CFO, CtrlS.
CtrlS received funding from Allahabad Bank, Indian Overseas Bank, Oriental Bank of Commerce, Andhra Bank, Bank of Baroda, Corporation Bank, Dena Bank, Tamilnad Mercantile Bank and State Bank of Hyderabad. In addition to this, the promoters had already raised Rs. 250 Crore of equity capital previously.
In the recently held consortium meeting for joint documentation, the bankers said, "CtrlS has a very strong value proposition coupled with a sound business model. This gave us the confidence to fund their national expansion. We are confident that they would be building world class datacenters for their customers. "