Tejas Networks India, a Bangalore vendor of optical transport equipment that says it has a 20 percent market share in India, has raised $24 million more from Goldman Sachs’s venture capital arm.
It is the company’s fifth round of capital, raising the total to $73 million since it launched in 2000. However, existing investors did not participate in latest round, which raises questions because usually previous backers want to maintain their share in the company — if it is performing well, that is.
The question wasn’t asked in this story in LightReading, which essentially just repeats the CEO’s line about the funding. Previous investors in the company are Battery Ventures, Mayfield Fund, Intel Capital and Nortel Networks. We’ve contacted the investors to ask why they didn’t reinvest.
The company apparently isn’t in trouble: It says it will double revenue this year, after getting $50 million during the year ending March 2007, according to the CEO.
