NetMagic Raises $20 Million in Funding, Names President

Sunnyvale, Calif. -- NetMagic, an India-based provider of managed IT services with U.S. headquarters in Sunnyvale, said on Tuesday that it has raised $20 million in a new round of funding, co-led by India's Fidelity International Limited (FIL) and Nexus India Capital. The company said that it will use the proceeds to expand its portfolio of services, as well as to launch new data centers in India and establish its presence in North America. NetMagic provides managed hosting services for companies in the financial services, telecom, online commerce, online media, gaming and manufacturing industries. The company also has named Sandip Gupta, the former president and CEO of Ensim, as its president.
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