India-based fiber broadband company, Excitel has raised $11.5 Million in equity round funding from its existing and new tech investors based out of Europe.
The freshly raised capital will help Excitel accelerate its mission to become one of the largest Fiber-to-the-Home (FTTH) service providers in the country.
From a current subscriber base of 0.7 Million, Excitel aims to increase its customer base to 10 Million while also expanding operations to 100 cities by the end of 2022.
With the raised funds, Excitel will also be making significant investments to enhance its technology stack as well as its customer experience, along with foraying into newer markets. Excitel has expanded its operations to Mumbai and the Western region in Q1 FY23 to provide world-class FTTH services at competitive prices. Excitel will also be investing in onboarding talent to strengthen its operational and technical capabilities.
Talking about the development, Vivek Raina, CEO & Co-Founder, of Excitel, said, “ Excitel has established itself as a brand that is helping bridge the digital divide by providing world-class 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 sales rapidly. 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.”
Excitel recently announced the launch of its services in the financial capital, Mumbai, and aims to replicate its success in Delhi, Hyderabad, Bangalore, and other cities by offering high-speed internet with quick service resolution in Mumbai. The company will not only cater to structured areas but also provide services to the unstructured areas of the city.