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Techpreneurs Nikhil and Nishant Rathi Exit Web Werks in Milestone Full Stake Sale to Iron Mountain

Nikhil and Nishant Rathi, founders of Web Werks, have fully exited the company following its acquisition by Iron Mountain
Web Werks India Pvt Ltd, a leading data center provider in India, founded by Nikhil & Nishant Rathi, has been fully acquired by Iron Mountain (NYSE: IRM) in one of the largest transactions in India’s data center industry. The founders of Web Werks secured an investment of $150 million during the joint venture’s formation in 2021, followed by an additional $170 million in 2023. With their successful exit, the Rathi brothers have demonstrated their expertise in building and delivering exceptional value to India’s digital and data center ecosystem.

Techpreneurs Nikhil and Nishant Rathi Exit Web Werks in Milestone Full Stake Sale to Iron Mountain
L-R — Nishant & Nikhil

The acquisition marks a significant milestone for the company, solidifying its legacy as a key enabler of India's digital economy. As part of the transition, Web Werks will now operate under a new brand identity while continuing to serve its enterprise clients without disruption.

Nishant and I have been working around the clock for 25+ years to build Web Werks data center. I am incredibly proud of what the entire team has achieved - making it one of the biggest acquisitions in Indian Data Center history. What started with just 40 people and three data centers at 1MW capacity has grown into a team of over 200 with 162 MW of capacity. Since then, we have blitzscaled to a capability of 162+ MW, a total of 6 live data centers in major cities and a family of 200+ people. I am grateful to everyone who has been part of this incredible journey as I look ahead to the next chapter,” said Nikhil Rathi, Co-Founder, Web Werks and NeoSOFT.

Speaking about the sale, Nishant Rathi, Co-Founder of Web Werks and NeoSOFT, added, “While this marks an exciting new chapter for Web Werks, our commitment to fostering growth in the technology sector remains strong. Nikhil and I will continue to lead NeoSOFT and build NeoSOFT & NeoNXT platforms - driving initiatives that will propel businesses to leverage the best of digital & AI. We also look forward to lending our expertise and partnering with investors, entrepreneurs & VCs, and committed to mentoring the next generation of entrepreneurs and growing the data center industry both in India and globally. The India story is alive and well and we are just one of the few examples of what dedication, customer centricity and a belief can do.”

Founded in 1996 by Nikhil and Nishant Rathi in a bedroom, Web Werks has grown into a powerhouse in India’s digital infrastructure space. Over nearly three decades, the company has established itself as a highly trusted provider of high-density, hyperscale, and AI-powered data centers, with best-in-class reliability and efficiency. At the time of sale, Web Werks operated six Tier-3, carrier-neutral data centers in Mumbai, Pune, Delhi-NCR, Bengaluru, and Hyderabad, with construction on another in Chennai already underway.

The journey of Web Werks is a testament to the vision, resilience, and adaptability of its founders. What began as a small web hosting company evolved into a leader, keeping pace with India’s rapidly growing digital ecosystem. Founded by Nikhil and Nishant Rathi when they were only teenagers, the company navigated the early days of dial-up internet, working tirelessly to scale from serving small businesses to enterprise-level solutions. Through industry shifts—from the dot-com boom to the cloud and AI revolutions—Web Werks has consistently stayed ahead of the curve, cementing its role in shaping India’s digital future.

As they look ahead, the Rathi brothers are eager to reinvest their time and expertise into India’s tech landscape. Their unwavering belief in the country’s potential fuels their commitment to helping shape the next phase of India’s digital evolution. “No story is complete without India,” said Nikhil. “We’re proud of everything we’ve achieved, but the best is yet to come. We’re excited about what lies ahead, and we’ll continue to be part of India’s story for years to come.”

About Web Werks

Web Werks is a leading provider of Tier III and Tier IV data center solutions in India, offering robust and scalable infrastructure services to businesses across industries. The company specializes in colocation, cloud hosting, disaster recovery, and managed services, catering to enterprises, hyperscalers, and government organizations. With a strong reputation for reliability and innovation, Web Werks serves over 1,300 clients globally.

Khaitan & Co, led by Partners Deepak Jodhani and Gautam Suseel, advised Nikhil Rathi and Nishant Rathi throughout the entire deal lifecycle, including Iron Mountain’s initial investment in Web Werks. Deutsche Bank acted as the exclusive financial advisor to Web Werk
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