The cloud computing company has been valued at $100 million.
Nivio plans to use the money to expand its engineering centre in Palo Alto, California and hire fresh talent. The firm was founded by two friends Sachin Dev Duggal and Saurabh P Dhoot, who is Videocon chairman Venugopal Dhoot's nephew, when they were both engineering students at Imperial College, London.
"We are very proud that Nivio has successfully delivered seven-fold returns to some of the angel investors," said Duggal.
Duggal who took a sabbatical from Deutsche Bank in 2004 raised seed money from two of his bosses who put in $100,000.
"It was inherently a blank cheque," said Duggal whose firm has raised angel investment of $9 million until this present round of funding. The start-up, that has offices in New Delhi and Switzerland, offers customers access to a hosted version of a personal Windows desktop from any device connected to the Internet.
"We are very excited about this space, especially as there is a sea-change happening in this industry from consumer electronics to computing, Nivio saw this vision well" said Venugopal Dhoot, Chairman Videocon.
Nivio offers customers the ability to rent original updated software on a rental basis coupled with free synchronised storage that is given to the user for life.
Dhoot added that they are excited about the future opportunities for globalisation that its investment in Nivio presents to Videocon and the strategic benefit to their existing products and services.
This is the first of its kind investment for the $5-billion durables-to-oil Videocon Group in a start-up company.
The partnership will allow Nivio to access over 1,000 Videocon stores and thousands of resellers in India and provide bundled services.
