Mumbai: Yondr Group and Everstone Group have formed a strategic joint venture to build and operate data centres in India. The joint venture operating under the brand name EverYondr will come up with its first facility in the Mumbai Metropolitan Region.
Land and power for this project have already been acquired. It will deliver 300 MW by 2023 and 60 MW of IT capacity after completion.
Yondr Group is a developer, owner-operator and service provider of hyperscale data centres. It has a presence in Europe, Asia Pacific and the Americas.
While Everstone is a private investment firm and its real estate arm Indospace is India’s largest industrial real estate developer with over 47 million square feet area under development.
The joint venture with $1 billion funding will support hyperscale clients and service the Indian market. By 2025, India’s hyperscale data centre market size is projected to exceed $4.5 billion.
The investment will fund the development and operation of multi-locational hyperscale data centre businesses across important geographies in India. These locations include the Mumbai Metropolitan Region, Hyderabad, Bangalore, Chennai and National Capital Region (Delhi).
In recent years India’s active internet user base reached 525 million in 2019, representing 19.2 percent annual growth. Low-cost smartphones and cheap data tariffs have further compounded with data consumption that increased 37-fold, from 0.26GB to 9.8GB per user between 2014 and 2018.
With more than 1.3 billion population and data consumption per user forecast to reach 18GB by 2024, India presents a major market opportunity only after the US and UK.
Starting with the Mumbai Metropolitan Region, the venture will deliver a portfolio of facilities propelling India’s IT and power capacity to meet the growing demand from public cloud providers and end-users at scale.
“To meet the accelerated pace of cloud adoption, hyperscale companies are increasingly looking to credible partners to help realise their expansion needs. Yondr’s global experience combined with Everstone’s strong execution capabilities in India, will provide clients with a credible and consistent choice,” said Sameer Sain, Co-Founder and CEO – Everstone Group.
“EverYondr’s early acquisition of its first campus in the Mumbai Metropolitan Region reinforces our commitment to the region. Unlike other mature hyperscale markets, data centres in India require a proactive approach to development and a streamlined delivery process,” said Dave Newitt, CEO – Yondr Group.
“As a business, our mission is to help clients meet their data centre capacity and technical real estate needs, faster and with better performance outcomes than anyone else. Collaborating with a specialised and trusted partner like Everstone will enable us to continue to deliver on that promise in the Indian market that is critically under-served today,” added Newitt.