iBus Networks raises Rs 15 cr capital in Series-A funding

iBus Networks and Infrastructure, a leading provider of connectivity solutions inside buildings, today raised Series-A growth capital of Rs 15 crore from Vallabh Bhanshali of Enam, US-based N Squared Management LLC and the family office of Jagdish and Sandeep Mehta.
The company also announced appointment of former Micromax chairman Sanjay Kapoor and Mohandas Pai as its non-executive chairman and advisory board member, respectively.
Kapoor will steer and provide strategic direction to the company and Pai will mentor and advise the team, company CEO Ram Sellaratnam told reporters here.
Kapoor and Pai are early investors in iBus, he said.
The funding will be used to drive deployment of iBus solutions across the country and multiple segments to deliver connectivity inside buildings, Sellaratnam said.

The company now is providing internet solutions to 24 sites in six southern cities, including Kochi, Bengaluru and Chennai. It plans to expand to Mumbai, Pune and Kolkata, Sellaratnam said.

"We plan to reach a target of providing solutions covering 400 million square feet by 2019, and 100 millionsquare feet in next six quarters," he said.
Based on this target, the company plans to increasestaff strength from the present 12 to 18 in next sixquarters, Sellaratnam said.
Cipher-Plexus has been the exclusive investment banker to the transaction as well as one of the investors.
Sellaratnam said the company would raise the second round of capital after it achieves the immediate target of 100 million square feet of service.

He also said the company would foray into the global market, probably in the next three years.
The company now has five telcos as its clients and would increase the numbers in future according to the needs arising due to growth and expansion, Sellaratnam said.