Tulip Telecom Raises R250Cr Mezzanine Funding
Tulip Telecom has raised R250Cr mezzanine funding to cover the costs for the Bangalore datacenter owned by Tulip Data Centre Pvt Ltd. The name of the investor has not been disclosed.
Under the terms of the deal, Tulip will need to either bring private equity funds on board or go for an IPO after March 31, 2013.
Last year, Tulip Telecom acquired Data Center facility in Bangalore by acquiring 100% stake in SADA IT Parks Private Limited for R230Cr and which is owned and operated through Tulip Data Center Pvt Ltd.
Spread across an area of 9 lac sq. ft the Tier 4 Data Center is set up in Bangalore with a total investment of R900Cr spread over a period of 3 years. The company has made an immediate investment of R230Cr.
The balance amount of R670Cr is expected to be invested over the coming 3 years to completely ramp up the facility to its peak level of operations. The company had planned to externally raise R500Cr through long term external credit lines of R250Cr and R250cr through mezzanine funding; while the remaining R170Cr to be funded through internal accruals.
Tulip Data City currently has orders worth R600Cr from IBM, NTT and HP that on annual basis will give revenue of R120Cr.
Tulip Telecom is an enterprise communications service provider and provides leased line and corporate internet connectivity to industries such as banking, IT and BPO.
It has a data network over 2000 locations in India and has over 3539 employees and more than 2400 customers across India.
This is Tulip's 5th data center along with already operating two in Mumbai, and one each in Delhi and Bangalore and plans to acquire more data centres.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/03/12 | Tulip Data Centre - Tulip Telecom (Part Exit) | M&A | - | |
| 07/02/12 | Tulip Data Centre - ICICI Bank | Private Equity | ICICI Bank Limited | 50.98 |
| 19/01/11 | Tulip Telecom - Tulip Data Service - Fund Raising | Private Equity | 66.16 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 08/05/12 | M&A | ICRA Techno Analytics Limited | BPA Technologies Inc. | - | Completed |
| 13/04/12 | M&A | eClerx InvestmentsLimited | Agilyst Inc | - | Completed |
| 09/03/12 | M&A | Satyam Computer Services Limited | vCustomer's International Operations | 27.00 | Completed |
| 07/03/12 | M&A | Tulip Data Centre Services Private Limited | - | Planned |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| ICICI Bank Limited | Landmark Race Course Circle, Alkapuri |
State Bank of India IDBI Bank Limited Dhanlaxmi Bank Limited Indian Overseas Bank Indian Bank |
www.icicibank.com | |
| Tulip Data Centre Services Private Limited | Tulip Telecom Limited | Tulip Data City, #162(P), 163, 164(P), 165(P), EPIP Area, Phase-II, Whitefield | www.tulip.net | |
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