Cloud computing firm nivio, which allows subscribers to rent software applications from companies like Microsoft and Adobe, has secured $21 million (Rs 104 crore) from the Videocon Group and AEC Partners, a US-based private equity firm specialising in technology investments, the company has said in a statement.
The capital raised will be used to expand engineering efforts at nivio's Palo Alto office and also to roll out the Cloud platform across nivio's operating regions in Europe, the Middle East, India and Australia.
Founded in 2004 by Sachin Dev Duggal and Saurabh Pradeep Dhoot (son of the younger brother of Videocon Group chief Venugopal Dhoot), nivio provides online desktop solutions, accessible through Internet-connected devices running on various platforms such as Linux, Mac and Windows.
It also provides an array of on-demand services including software apps rental, access to a variety of educational content and storage expansion for keeping pictures, music and data. The company offers three products â€“ nDrive, nDesktop and nApps â€“ available in several packages aimed at students, educators and small businesses.
The company has more than 120 employees on board and previously raised over $9 million from Deutsche Bank and private investors. It has strategic partnerships with AMD, Interoute and Microsoft Corporation.
"We are extremely happy to bring two new passionate investors into our team. We are also very proud that nivio has successfully delivered 7x returns to some of our angels in this round," Sachin Dev Duggal, co-founder and chief wizard at nivio, commented on the funding.
While AEC Partners' investment is pure PE funding, co-investment by the Videocon Group means one of the co-founders is bringing in fresh money as Dhoot is part of the Videocon Group promoters.
Videocon has a core business of consumer electronics and over the years, diversified into oil & gas, DTH, telecom and retail, among other businesses.