Other Private Equity/Strategic Investments
Broadband player Excitel raises $11.5 M
Mumbai-based Fibre broadband network Excitel has raised USD 11.5 million in equity from existing and new tech investors based out of Europe. Excitel will use the funds to expand to 100 cities, including Delhi, Hyderabad and Bengaluru, by the end of 2022. The firm aims to increase its user base to 10 million from its current 0.7 million in the same time period. It will also hire people across operations and technology to develop their technology stack and foray into newer markets. Excitel is a broadband network which currently operates across 29 cities. The firm claims to provide internet connections of 400 mbps internet for Rs 400 per month.
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