The round was led by IFC which has invested USD 25 million while the remaining USD 20 million is from Goldman Sachs, Oak Investment Partners, Everstone Capital and L&T Infrastructure Finance Co Ltd. The new funding will be used to expand its network in existing and new cities.
Founded in 2008, Tikona Digital is serving over 225,000 homes in 25 cities and the business model is now ready for more cities. Apart from this, Tikona also owns 20 MHz of 4G spectrum in five telecom circles of Gujarat, UP-East, UP-West, Rajasthan and Himachal Pradesh and positioning it well for 4G data services in the future.
The investment will be used to drive the expansion of Tikona’s broadband infrastructure to mid income households and SMEs, particularly in priority states of Madhya Pradesh, Chhattisgarh, Rajasthan and Uttar Pradesh.