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Iron Mountain plans to invest up to US$ 50 million India

Economic Times:  October 31, 2016

Pune: Storage and information management firm Iron Mountain plans to invest $40-50 million in India over the next few years as it looks to strengthen its presence in the country. Hitesh Gupta, managing director, Iron Mountain India said that these investments would happen over the next three-five years.

“The India business has made significant progress in the last three years. We currently have about 2600 customers in 14 locations, about 90% of who are from the banking and financial services industries,” said Gupta, who took over as MD a few months ago. In the last two years, the company acquired three firms in India which helped increase its customer base.

“We have grown at 25% CAGR in the last four years and expect to grow at around 20% CAGR for the next few years,” said Gupta. He added that the company was also exploring acquisitions to gain strength in the banking and financial services space that could help its existing customers grow.

Going ahead, it plans to focus on the government segment, a space Gupta believes only 20% of the potential has been tapped, as well as healthcare.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.