Exclusive: Excitel To Raise Rs. 160 Crores; Plans To Expand Services To 100 Cities

The demand for the internet has increased in the country ever since, working from home and online classes have become the norm. This increasing demand has forced telecom and broadband players to offer more data benefits with their plans.

However, the increased data consumption has also helped telcos and broadband players to attract new users to their platform, which is why companies are expanding their services.

Similarly, home-grown broadband company Excitel, which is operating in few cities, is all set to expand its services to other parts of the country. Meanwhile, we interacted with the company's CEO and co-founder, Vivek Raina, to discuss their investment and expansions plans.

Excitel Expansion Plans

Notably, the internet service provider is offering its services in 21 cities and plans to increase its presence in more circles. "We are operating in 21 cities and plans to take it to 50 cities in one year," Raina said.

He exclusively informed Gizbot that we want to take this number to 100 cities soon. Raina said that the company plans to acquire users in tier II and tier III cities. Besides, we want to increase our user base to 10 lakh from the 5.8 lakh users.

Excitel Investment Plans

Shedding lights on the expansion plans, Vivek shared that the company plans to raise money from Indian and European investors."We are in the process of raising money and open for Indian and European investors," he said further.

Adding to that initially, we have raised money from European investors. But now, we are focussing on Indian investors. Excitel plans to raise money between Rs. 130 crores to 160 crores in the next few years, Vivek replied when asked about the investment the company is expected to raise for the expansion.

Furthermore, he shared that Excitel is providing its services to few urban cities, such as Delhi, Bengaluru, and Hyderabad. However, the company plans to add to start its operations in Chennai and Mumbai in the next months.

It is important to note that the company has huge expansion plans; however, its focus will remain the same as it is getting an overwhelming response from the tier II and tier III cities.