Epsilon Venture Partners leads Rs 154 cr Series A funding of Pi
Enterprise class data center and cloud service provider Pi has raised Series A funds of $23 million led by Epsilon Venture Partners and a major Australian private equity group. Epsilon, which was formed by former managing director of Intel Capital, Sudheer Kuppam, will be actively involved in assisting Pi with its growth. The funds will be used to roll out their first few data centers across the country, company executives said.
“Data is integral to a nation’s security and data centers are the key building blocks of a country’s infrastructure,” said Kalyan Muppaneni, founder and chief executive of Pi. “Epsilon’s technology investment experience across the globe is of significant strategic value that would pave the way for global partnerships in ensuring Pi brings state-of-the-art cloud infrastructure capability to India.”
The funding round of the Amravati-headquartered company was led by Epsilon’s general partner Mahesh Vaidya who will join Pi’s board.
“We believe that India will double its internet user base in the next 3-5 years and this should position Pi to capitalize on the growth opportunity,” said Vaidya.
Kuppam, whose venture capital firm focuses on technology investments, previously made an angel investment in Pi. “We are delighted to add Pi to our portfolio of Asian technology company investments and this deployment of capital in such a quality company further demonstrates our sourcing and execution capability, as an independent fund manager,” said Kuppam.