Excitel raises $11.5 million from Europe-based tech investors
Fibre broadband network Excitel has raised $11.5 million from existing and new tech investors based out of Europe. The funds will be utilised to expand the company’s footprint to 100 cities by the end of this year. The firm aims to increase its subscriber base to 10 million by the end of this year from 700,000 currently.
The company said it will be making significant investments to enhance its technology stack. Talking about the roadmap, Vivek Raina, CEO and co-founder, 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. 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 becoming the leading internet service provider in the country”.
Excitel recently announced the launch of its services in Mumbai. It is also present in Delhi, Hyderabad, Bengaluru, among others.