Bharti Airtel-owned Nxtra to raise $1 billion amid data center boom

India's Bharti Airtel-owned Nxtra Data will raise $1 billion from Alpha Wave Global, Carlyle Global, Anchorage Capital, as well as its parent, in a deal that values the data ‌center ⁠firm ⁠at about $3.1 billion.

The deal marks the latest in ​a string of investments that Indian conglomerates Reliance and ​Adani have announced in recent months in data infrastructure as they position the country ​as an emerging hub ⁠for AI ‌development.

India has played only ​a ​limited role in the global ⁠AI boom so far because it lacks ​large-scale chip manufacturing, making data centers ​its most viable entry point into the fast-growing infrastructure market.


Private equity firm Alpha Wave will lead the fundraise with a $435 million investment, followed by ‌Bharti Airtel's $290 million commitment. US investment firm Carlyle Global, an existing investor, will pump in $240 million, ⁠while Anchorage Capital will invest $35 million.

Bharti Airtel, India's second-largest mobile carrier by users, said it will retain its controlling stake in Nxtra.

Nxtra will deploy the funds to scale its infrastructure and expand the services it offers.