India's AI-focused cloud provider E2E Networks raises Rs 420.51 crore

New Delhi-based AI-focused cloud provider E2E Networks Ltd. today announced the closure of a strategic investment round, securing Rs 420.51 crore through a preferential issue of equity shares.

"The Board of Directors approved the preferential issue of up to 24,81,592 equity shares at an issue price of INR 1694.50 per share, raising an aggregate amount of INR 420,50,57,644 (INR 420.51 crores)," the company informed in an exchange filing.

E2E Networks said the investment was led by a diverse group of investors, including key members of the promoter group and a wide array of public investors.

E2E Networks offerings 

E2E Networks offers advanced cloud GPUs such as HGX H100, A100, and L4OS, along with high-end InfiniBand-powered configurations like 64xH100 and 256xH100.

E2E Cloud also features an advanced AI development platform, TIR, enabling developers to train and deploy foundational AI models. 

Purpose of fundraising

The company will deploy the raised capital to accelerate the growth of its AIFirst Cloud Platform, enhancing its capability to support advanced machine learning and AI-driven applications.

"The capital raised will enable us to enhance our cloud infrastructure, ensuring that we continue to deliver unparalleled value to our customers and support the next wave of AI-driven innovation in India. Our recent empanelment by the Ministry of Electronics and Information Technology (MeitY) further solidifies our commitment to providing secure and compliant cloud solutions tailored to the needs of both public and private sector," said Tarun Dua, Co-Founder and Managing Director of E2E Networks.

Focused on expanding accelerated cloud infrastructure

E2E Networks plans to invest in expanding its accelerated cloud infrastructure, focusing on next-generation cloud GPUs and GPU clusters, which are critical for AI and machine learning workloads. 

The company said the investment will enable them to support the scaling needs of startups, enterprises, the public sector and research institutions as they navigate the era of generative AI and machine learning. 

Additionally, the investment will further strengthen E2E Networks’ cloud platform, particularly through the enhancement of TIR, a cutting-edge low-code AI development platform, the release notes.

This equity capital raise was exclusively advised by InCred Capital, the Investment Banking arm of Incred Group.