Indian data center startup Yotta Data Services is seeking to raise $500 million to invest in its data center portfolio, reports Bloomberg.
According to people familiar with the matter, the company is in talks with several private credit funds, including Oaktree Capital Management, Cerberus Capital Management, and Davidson Kempner Capital Management.
The firm will likely pursue a bilateral deal, which could be finalized in early 2025. The terms of the deal have not been finalized yet, but bank credit is a potential option for the company.
Yotta is backed by Indian real estate mogul Niranjan Hiranandani. It has bought chips from Nvidia and intends to offer high-performance computing services in its data centers to support Indian companies in developing their own artificial intelligence services.
The company was founded in 2019 and has three live data centers in Navi Mumbai, Noida, and Gujarat, with sites in development in Pune, Powai, and Chennai in India, and Dhaka in Bangladesh. A facility is also planned in Nepal.
In November, Yotta acquired IndiQus Technologies, the parent company of cloud platform provider Apiculus.
Under the terms of the acquisition, IndiQus founders Sunando Bhattacharya and K B Shiv Kumar assumed the roles of chief revenue officer and chief innovation officer, respectively.
Earlier this year, it was reported that Yotta was set to go public on the Nasdaq via a SPAC merger.
Yotta is not to be confused with Yotta Events, a DCD sister company.