Bharti Airtel‘s data center arm, Nxtra has raised $1 billion, led by Alpha Wave Global along with existing investor Carlyle and Anchorage Capital, Airtel said in a regulatory filing.
Alpha Wave will invest $435 million, Carlyle $240 million, and Anchorage Capital $35 million, with Sunil Mittal-founded company Airtel contributing the remaining amount. The telecom major will retain a controlling stake in Nxtra following the transaction, which is subject to regulatory approvals. Alpha Wave Global is an investor in leading AI firms including OpenAI, Anthropic and Elon Musk’s xAI.
The investment values Nxtra at about $3.1 billion post-transaction, used to scale its infrastructure, broaden its portfolio of services and enhance AI-driven operations.
“At Nxtra, we have built one of India’s most advanced and sustainable data center networks, designed to meet the evolving needs of enterprises, hyperscalers, and government. With ~300 MW capacity today, we aim to scale to 1 GW in the next few years, targeting ~25% market share,” Gopal Vittal, Executive Vice Chairman, Airtel, said.
AI deployment at scale
Nxtra plans to deploy AI at scale across its operations, including predictive maintenance and energy optimisation, while expanding offerings for enterprises, hyperscalers, and government clients. The company is also building new AI-ready campuses in key markets following its partnership with Google on the gigawatt-scale data centre initiative.
Nxtra operates 14 large core data centers and 120+ edge facilities across India. The company currently has a state-of-the-art facility in Pune and is developing additional AI-ready campuses in Chennai, Mumbai, and Kolkata.
What do analysts say?
Analysts tracking the industry view the fundraise as part of the telco’s broader strategy to diversify into high-growth digital infrastructure segments, areas where demand is being reshaped by generative AI and data localisation trends.
India’s data center market is expected to grow at a CAGR of around 21% between 2024 and 2030 to reach nearly 3,400 MW of IT capacity, as per a recent Savills India report.