Excitel raises $11.5 million as it looks to reach users in 100 cities by the end of this year

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Excitel raises $11.5 million as it looks to reach users in 100 cities by the end of this year
Representative imageCanva
  • The company has raised $11.5 million from new and existing tech investors based out of Europe.
  • Excitel currently works with 700,000 customers based out of 29 Indian cities.
  • It competes with the likes of Jio Fiber, Airtel, Tikona Logo, The sky Internet and others.
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Fibre broadband provider Excitel on Thursday (May 5) announced that it has raised $11.5 million from new and existing tech investors based out of Europe.

The company plans to use this capital to reach out to 10 million users across 100 cities by the end of this year. However, the eight-year-old company currently has 700,000 customers across 29 Indian cities.

Excitel will also use a part of the capital to enhance its technology and customer experience as well as onboard talent to strengthen its operational and technical capabilities.

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“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 sales rapidly,” Vivek Raina, chief executive officer (CEO) and co-founder of Excitel, said in a statement.

Excitel is an internet service provider (ISP) which aims to offer low-cost high-speed broadband internet services across India, majorly in the Tier 2 and Tier 3 regions. The company also offers over-the-top (OTT) subscriptions with broadband plans.

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The company offers its services in cities like Delhi, Hyderabad and Bengaluru to name a few. It started its services in Mumbai last quarter, piloting a 400 Mbps speed data plan starting at ₹499 per month for people opting for a 12 months plan.

It competes with the likes of Jio Fiber, Airtel, Tikona, The Sky Internet, Hathway, Den Network and others.

According to data released by Telecom Regulatory Authority of India (TRAI), India had 24.52 million wireline subscribers at the end of February 2022. Majority or 92.07% of these wireline users were from urban areas, whereas the remaining 7.93% were from rural areas.

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