Excitel has raised $11.5 million in equity from existing and new tech investors based in Europe.
Excitel, a fiber broadband network will utilize the fresh funding in the following ways:
The fiber broadband network will also hire people across operations and technology to build their technology stack and foray into newer markets.
Excitel was started in 2015. Excitel is a broadband network that presently handles 29 cities. The firm guarantees to facilitate internet connections of 400 Mbps speed for just Rs 400 per month.
The firm threw one hat in the ring with Hathway Cable and Datacom Ltd., owned by Reliance Industries Ltd., in Mumbai, and Atria Convergence Technologies (ACT) in Bengaluru.
"Excitel has established itself as a brand that is helping bridge the digital divide by providing Fiber-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.