Other Private Equity/Strategic Investments
Internet services provider Excitel shelves $200-M fundraise plans
Mumbai-based Excitel Broadband has decided against its planned capital raise of $200-M. The company had appointed Avendus Capital as the financial advisor for the transaction, which attracted interest from multiple investors, including Partners Group, Brookfield Asset Management, Macquarie, and Actis. The firm is currently valued at approximately $175-M.Founded in 2015, Excitel is an internet service provider that operates in 44 cities and towns across India. It claims to have one million home broadband customers. The company plans to use its internal capital to roll out internet protocol television (IPTV) services and pursue growth.Excitel reported its first-ever profit of INR 40 crore in FY26, compared to a loss of INR 74 crore in FY25.
In May 2022, Excitel had attracted about $12 M from PE-VC investors.
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