Broadband service provider Excitel raises $11.5M in funding to expand its operations

Delhi-headquartered broadband service provider Excitel has raised $11.5 million (about Rs 87 crore) in equity from existing and new technology-focused investors based out of Europe.

Founded in 2015 by Vivek Raina, Excitel is a broadband network that currently operates across 29 cities, including Delhi NCR, Hyderabad, Jaipur, Bengaluru, Mumbai, Lucknow, Kanpur, Nagpur, others.

With this funding, the internet service provider will focus on expanding its services to 100 more cities by the end of this year. The firm also aims to increase its user base to 10 million from its current 0.7 million in the same time period.

Additionally, it will also focus on hiring talent across operations and technology to develop its technology stack and foray into newer markets, the statement said.

"Excitel has established itself as a brand that is helping bridge the digital divide by providing Fibre-to-the-Home (FTTH) services at affordable rates across the country. This year, we are fixated on establishing ourselves in newer geographies, extending futuristic tech solutions while at the same time working towards hiring our next rung of leaders to create an ecosystem that scales rapidly," said Vivek Raina, CEO & Co-founder of Excitel.

"The fresh round of liquidity that we have raised from existing and new investors will go a long way in helping the brand’s journey to become the leading internet service provider in the country,” he added.

According to the latest report by the Telecom Regulatory Authority of India (TRAI), Wireline subscribers in India increased from 24.21 million at the end of January 2022 to 24.52 million at the end of February 2022.

At present, Excitel competes with Airtel, Jio Fiber, Act Fibrenet, Hathway Cable, and Datacom Ltd., among others.

Also Read:

• Traceable AI raises $60M in funding led by IVP, Tiger Global, others

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.