Epsilon Venture Partners, a tech-focused fund manager, and an Australian private equity group has invested ₹154 crore ($23 million) in Pi Datacenters, which is located near Amaravati, the Capital of Andhra Pradesh.

The funding round was led by Epsilon’s General Partner Mahesh Vaidya, who will be joining Pi’s board. Pi said the proceeds would help it in rolling out first few data centres across the country.

Pi has planned investments to the tune of ₹600 crore in phases to build the greenfield data centre in the State. This is the first major investment in the IT sector of Andhra Pradesh.

“We believe that India will double its internet user base in the next 3-5 years and this should position Pi very well to capitalise on this growth opportunity,” Mahesh Vaidya said.

“The majority of countries are already emphasising data sovereignty as a vital element of a nation’s security with appropriate measures in place. India initiated moves in this area a few years ago, with the mandate for local hosting of all its citizens’ financial and personal data,” he said.

Established on a plot of 10 acres, the data centre has 5 lakh square foot infrastructure with 5,000 racks capacity.

Kalyan Muppaneni, the founder and Chief Executive Officer of Pi, had said that the firm planned to raise ₹240 crore in two tranches to develop the facility.

“As more users go digital in India, lower latency is paramount for better user experience, which is possible only if the digital infrastructure is located within the country,” he said.

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