CloudExtel raises external debt from NIIF IFL and ABFL

Mumbai-based Network-as-a-Service provider CloudExtel has received Rs 150 crore in external debt from NIIF Infrastructure Finance Limited, and an additional Rs 50 crore from Aditya Birla Finance Limited to grow its market presence in fiber and small cells deployment. 

The company has also received first-time credit rating of ‘A-‘ from CARE Ratings Limited.

CloudExtel had sold a 51% controlling stake to Macquarie Capital for $100 million in May, 2023, buying out Bombay Gas Company’s shares in the company. Later, digital infrastructure ventures investor Advencap acquired part of Macquarie Capital’s shares in the company in October, 2023. 

“India’s digital landscape is poised for substantial growth with emerging technologies set to revolutionise the ecosystem. This partnership with NIIF IFL and ABFL marks a significant step in our journey as the debt capital infusion will now be complementary to the investment by Macquarie Capital and Advencap,” said Kunal Bajaj, CEO and Co-founder at CloudExtel in a statement. 

“The  combined capital will strengthen our position to effectively respond to market opportunities as we  expand our deployment in network infrastructure to transform the telecom space,” he added. 

CloudExtel offers infrastructure services including small cell hosting, FTTH, intra-city fiber and virtualised networks to telecom operators, internet service providers, data centres, enterprises and others. The company has a footprint across 475 cities and towns across India. 

In a recent interview, CloudExtel said that it was looking to expand its fiber and wireless infrastructure by five-fold in the next five years targeted at 4G, 5G and data centres. The surge in data consumption in India and expanding urbanisation will fuel the demand to accelerate infrastructure rollout, said the company in its statement. 

The company competes with the likes of picoNETS and Cyient. 

The headline was updated to rectify an error.