Sify and Sify Infinit Spaces Limited (“SIS”), a wholly owned subsidiary of Sify which operates its data centers, have agreed with Kotak Data Center Fund (KDCF), under which KDCF will invest up to Rs 6 billion (approximately $73 million) in the form of compulsory convertible debentures of SiS.
The company said SiS will use the proceeds for the expansion of new data centers, including land acquisition for data centers, investment in procuring alternate sources of power, and repayment of debt.
Sify provides data center colocation, network, and security services to companies, and has a current data center capacity of around 100 MW through 11 facilities across Chennai, Mumbai, Noida, Bengaluru, Hyderabad, and Kolkata. The company has a roadmap to add around 350 MW of capacity in the next couple of years.
In September 2021 the company announced plans to more than double its data center footprint in the country over the next few years and add 200MW in the next four years and subsequently raised $135 million from Kotak Mahindra Bank. The company said at the time it planned to develop new facilities in Mumbai, Noida, Chennai, Bangalore, and Hyderabad. Sify has also partnered with struggling US colo firm Cyxtera.