Kotak Investment Advisors has marked the first close of its Kotak Infrastructure Investment Fund (KIIF) at US$590 million.

The amount raised is approximately 74 % of the company's original goal of US$800 million. Kotak Investment Advisors is raising funds to invest in an expansion of data center capacity, which is expected to be between five and seven. The data centers will support the data-enabled digital economy, enterprise cloud, 5G, and the expansion of the Internet of Things (IoT). The infrastructure-focused fund was created with a significant commitment from international investors, some of these investors are the Canada Pension Plan Investment Board and the Asian Infrastructure Investment Bank. The fund is focusing on the regions of Mumbai, Chennai, Noida and Hyderabad due to the growing demand in these areas.  

All fundraising will be completed within the next 6-9 months and the fund will be fully rolled out over the next four years.