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IT firm’s expansion plan

Staff Reporter

BANGALORE: Netmagic, an Information Technology services provider, announced here on Tuesday that it has acquired Rs. 80 crore in private equity funding as part of its Rs. 100-crore expansion plan.

The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International Limited and Nexus India Capital. Netmagic Solutions Chief Executive Officer Sharad Sanghi told mediapersons here that the company would use the proceeds to accelerate business growth.

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