Fibre broadband network Excitel has secured USD 11.5 million from existing and new tech investors based out of Europe. The internet service provider said it will use the funds to increase its user base to 10 million from its current 0.7 million by the end of 2022 and to expand to 100 cities, including Delhi, Hyderabad and Bengaluru. The broadband player would also invest to hire new talent to strengthen its operational and technical capabilities.
The internet service provider will also make significant investments to enhance its technology stack as well as its customer experience, along with foraying into newer markets, it said. The internet provider will focus on both structured as well as unstructured areas, the startup said in a statement.
“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”.
Founded in 2015 by Vivek Raina and Varun Pasricha, Excitel currently operates across 29 cities and claims to provide internet connections of 400 mbps internet for Rs 400 per month. Excitel recently announced the launch of its services in Mumbai.