Kotak Investment Advisors has garnered $590 million (about Rs 48.85 billion) under the first close of its India-dedicated Kotak Data Centre Fund, domiciled in Gujarat’s GIFT City. In total, Kotak Investment Advisors plans to raise $800 million under the Kotak Data Centre Fund. The funds will be deployed in creating and building data centre capacity across the country, and will be the first such India-focused fund to partner with data centre operators to tap the fast-growing digital infrastructure opportunity.

Kotak Investment Advisors is of the opinion that the current capacity of data centres in India is significantly lower than the fast growing requirement. Being a high capital intensive industry requiring significant capacity build up, Kotak Investment Advisors believes that there is a significant equity investment opportunity to back partners in creating capacities, adding that the fund will provide strategic risk capital to entities.