HCL, Tech Mahindra to invest $2.5 mn into IaaS startup

  • HCL and Tech Mahindra are set to invest $1.25 million each into a Delaware, United States based infrastructure as a service startup, Austin GIS. While Noida based HCL said it will gain 13.9% Series A dubbed preference shares of the company, through the investment, Pune based Tech Mahindra said it will gain 13.8%, as per separate stock exchange filings.
  • Tech Mahindra said in its filing that AustinGiS is an 5G services and IoT service provider incorporated in 2021, with a projected revenue of $28 million in the calendar year ending 2021.
  • Tech Mahindra expects its deal to close by September 15.