[Funding alert] Broadband player Excitel raises $11.5M equity from existing and new EU investors

Fibre broadband network Excitel has raised $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 also aims to increase its user base to 10 million from its current 0.7 million in the same time period.

The broadband player will also hire people across operations and technology to develop their technology stack and foray into newer markets.

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"Excitel has established itself as a brand that is helping bridge the digital divide by providing Fibre-to-the-Home (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 scales rapidly," said Vivek Raina, chief executive officer (CEO) and co-founder, Excitel.

"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,” he added.

Started in 2015, 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.

The firm competes with Hathway Cable and Datacom Ltd., owned by Reliance Industries Ltd., in Mumbai and Atria Convergence Technologies (ACT) in Bengaluru.