HCIN Networks, a provider of networking solutions, has raised an equity funding of INR 12.5 Cr ($1.5 Mn) led by Swastika Investmart, with participation from investors including Ankit Mittal, Vijay Khetan (executive director, Param Capital), Ageless Capital, MSB E-Trade Securities, and HNIs.
The funding will be used to improve services, expand reach in the telecom and internet infrastructure sector, and streamline implementation of current projects. Vikas Sharma, executive director of HCIN Networks, stated, "This funding will enable us to drive innovation and extend our reach inside the telecom framework space. The victory of this capital raise shows how much HCIN Networks has accomplished and how much further it can go."
Sunil Nyati, managing director of Swastika Investment Ltd., commented, "With this new investment, the company is on a strong balance to capitalize on its differentiated product and value proposition in the growing industry."
Established in August 2019 and registered under DPIIT, HCIN Networks specializes in IT system integration, managed services, data centre solutions, IT security, internet service providers, and various other IT service offerings. The startup's portfolio clients include Airtel, Indus Tower, ABB, Bondada Electrical Limited, Reliance Retail, Hughes Communication, Byju’s, Decathlon, and Lenskart.
HCIN Networks claims to have orders in hand for over INR 40 Cr from different cities. This funding comes at a time when the telecom sector in India is undergoing a remarkable transformation, with the country registering a subscriber base of 1.17 Bn and 881.26 Mn internet subscribers as of July 2023, as per DoT.
