iBus Networks & Infrastructure raises Rs.15 crore funding
Connectivity solutions startup iBus Networks & Infrastructure Pvt Ltd. on Tuesday announced raising Series A growth capital of Rs.15 crore from Vallabh Bhanshali of Enam, N Squared Management and the family office of Jagdish and Sandeep Mehta.
The company intends to deploy the funds in rolling out iBus solutions across the country in to deliver connectivity inside buildings.
iBus also announced the appointment of former Micromax chairman Sanjay Kapoor as the non executive chairman and Mohandas Pai as advisory board member.
Both are early investors of iBus. Kapoor will provide strategic direction to the company while Pai will mentor and advise the team.
Founded in 2013 by former Airtel and Infosys senior executives Ram Sellaratnam, Subash Vasudevan and Sunil Menon, iBus’ platform of iBus Talk, iBus Find, iBus Sync and iBus Sense provides uninterrupted signals for mobile communication and data transfer and counters the problem of lack of mobile connectivity in numerous buildings.
“Our technology platform comprehensively soles voice, data, proximity marketing and machine to machine connectivity problems. That makes us unique and innovative solution provider,” said CEO Sellaratnam.
“We identify buildings, organise them and activate them. We target buildings with a minimum of five lakh square feet,” he added.
Also a builder of Internet of Things (IoT) solutions, iBus endeavours to work with ecosystem players who comprise content and storage partners, device players and service provider among others.
The technology finds application in malls, hotels, commercial establishment, hotels and others and iBus counts Airtel, Idea, Vodafone, Reliance as clients and AMarriott, Crowne Plaza, AJones Land LaSalle (JLL), Brigade, Lodha, Mantri and others as partners.
“We have installed connectivity solutions in 24 sites (buildings) across Kerala, Bengaluru, Chennai and Hyderabad which amount to 14 million square feet with more than one lakh user base,” said CFO Vasudevan.
“With an investment of Rs.3.50 per square foot, we wish to reach 100 million square feet target in six quarters with the current fund raising. After achieving this goal, we wish to target 400 million square feet and maybe another round of funding,” added Sellaratnam.
Operating with a lean structure of just 12 employees, iBus will add another six employees by the time it reaches 70 million square feet while it currently installs solutions in 10 to 15 million square feet a quarter.
Sellaratnam said the company may look at expanding overseas after a three years timeline.