Mubadala Leads $500 Million Round for Asian Data-Center Firm - Bloomberg

Mubadala Leads $500 Million Round for Asian Data-Center Firm - Bloomberg

Data-center operator Princeton Digital Group Pte. has pulled in more than $500 million in a round led by Abu Dhabi sovereign fund Mubadala Investment Co., underscoring investor demand for the infrastructure that supports the internet.

Mubadala put in over $350 million while existing investors Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated, the Singapore-based firm said in a statement Tuesday. The financing could boost Princeton Digital’s valuation to more than $2 billion and serve as a stepping stone to a potential initial public offering, Bloomberg News has reported.

Princeton Digital invests in, develops and operates data-center infrastructure in countries including China, Singapore, Japan, India and Indonesia, according to its website. It runs 20 data centers across 14 cities. Founded in 2017, the company was set up by Warburg Pincus along with Princeton Digital Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.

The fresh capital will help it expand into new markets such as South Korea and deepen its presence in the countries it operates in over the next two years, Salgame said in an interview with Bloomberg TV’s Haslinda Amin and Yvonne Man.