SUMMARY
This funding will help HCIN Networks improve its services and expand its reach in the telecom and internet infrastructure sector and streamline the implementation of current projects
HCIN’s portfolio includes Airtel, Indus Tower, ABB, Bondada Electrical Limited, Reliance Retail, Hughes Communication, Byju’s, Decathlon, Lenskart, among others
The telecom sector in India is undergoing a remarkable transformation. As of July 2023, the country registered a subscriber base of 1.17 Bn, with a staggering 881.26 Mn internet subscribers, as per DoT
Networking solutions provider HCIN Networks has secured an equity funding of INR 12.5 Cr ($1.5 Mn) led by Swastika Investmart.
The round also saw participation from investors, including, Ankit Mittal, Vijay Khetan (executive director, Param Capital), Ageless Capital, MSB E-Trade Securities and HNIs.
HCIN plans to deploy the fresh funds to improve its services, expand reach in telecom and internet infrastructure sector and streamlining implementation of current projects.
Vikas Sharma, executive director of HCIN Networks, said, “This funding will enable us to drive innovation and extend our reach inside the telecom framework space. The victory of this capital raise shows how much HCIN Networks has accomplished and how much further it can go.”
“With this new investment the company is on a strong balance to capitalise on its differentiated product and value proposition in the growing industry,” said Sunil Nyati, managing director of Swastika Investment Ltd.
Founded in August 2019, HCIN Networks, registered under DPIIT, specialises in IT system integration, managed services, data centre solutions, IT security, internet service providers, and various other IT service offerings.
HCIN counts Airtel, Indus Tower, ABB, Bondada Electrical Limited, Reliance Retail, Hughes Communication, Byju’s, Decathlon and Lenskart as among its portfolio clients.
The startup claims to have orders in hand for over INR 40 Cr from different cities.
This comes at a time when a coalition of 61 global digital companies and organisations, including Mozilla, Proton and Signal, has labelled the new Telecommunications Bill as a significant threat to democracy and the internet.
In September, the Department of Telecommunications (DoT) decided not to classify OTT platforms as telecommunications services in the Telecom Bill. This decision exempted them from specific telecom regulations. The DoT’s shift in stance followed TRAI’s earlier recommendation to regulate OTT communication apps and consider selective bans on certain OTT services in a consultation paper.
The new Bill seeks to replace three current laws – the Indian Telegraph Act, 1885, the Indian Wireless Telegraphy Act, 1933 and the Telegraph Wires (Unlawful Possession) Act, 1950 – to bring regulation up to speed with technology.
The telecom sector in India is undergoing a remarkable transformation. As of July 2023, the country registered a subscriber base of 1.17 Bn, with a staggering 881.26 Mn internet subscribers, as per DoT.
