NxtGen Appoints Avendus for $300 Mn Fundraise

NxtGen Datacentre and Cloud Technologies has appointed investment bank Avendus to raise $300 million at a valuation of nearly $900 million, two people familiar with the matter said.

- Priyamvada C. Sneha Shah

"The company has been in the market for some time but has recently appointed Avendus for the fundraise," one of the people said, adding it has held talks with several investors. "If the round goes as planned, it will be its largest to date," the second person said.

NxtGen did not respond to a request for a comment, while Avendus declined to comment.

The company last raised $13.5 million in 2015 from investors including International Finance Corp., Axon Partners Group and Intel Capital as part of its Series B funding round. It competes with companies such as Vantage Data Centers, Princeton Digital Group and Aligned, according to market intelligence provider Tracxn.

NxtGen focusing on enabling businesses with scalable, secure, and cost-efficient infrastructure across public, private and industry clouds, the company's website states.