The fresh capital will be used to increase the subscriber base to 10 Mn from 0.7 Mn currently
Excitel launched its internet services in Mumbai a few days ago with an investment of INR 38 Cr
The broadband provider is running a pilot project for 400 Mbps data plan in Mumbai, starting at INR 499 per month
Internet services provider (ISP) startup Excitel has secured $11.5 Mn in funding from existing and new tech investors based out of Europe.
The capital will be used to increase Excitel’s subscriber base of 0.7 Mn to 10 Mn, while also expanding operations to 100 cities by the end of 2022, the startup said in a statement.
The internet service provider will also make significant investments to enhance its technology stack as well as its customer experience, along with foraying into newer markets, it said.
The startup would also invest to hire new talent to strengthen its operational and technical capabilities.
Founded in 2015 by Vivek Raina and Varun Pasricha, Excitel, based in Delhi, has expanded its operations to Mumbai and the western region of the country. It claims to have 7,00,000 customers in 29 cities so far.
“Excitel is helping bridge the digital divide by providing world-class FTTH services at affordable rates across the country. This year we are fixated on establishing ourselves in newer geographies, extending futuristic tech solutions while also working towards hiring our next rung of leaders,” said Vivek Raina, CEO and cofounder, Excitel.
A few days back, Excitel launched its internet services in Mumbai with an investment of INR 38 Cr. It aims to expand its operations to Hyderabad, Bangalore, and other cities by offering high-speed internet with quick service resolution.
The internet provider will focus on both structured as well as unstructured areas, the statement added.
Excitel is running a pilot project for a 400 Mbps data plan for Mumbai, starting at INR 499 per month.
Excitel has also launched a stay-at-home bundle pack and an entertainment bundle pack, which includes free premium memberships to popular OTT platforms.
The startup will compete with internet providers like Reliance Jio Fiber, Atria Convergence Technologies, Quadrant, ACT Broadband, Hathway, Airtel Xstream Fiber, among others.
The number of wireline subscribers in the country increased to 24.52 Mn during February 2022 from 24.21 Mn in January 2022. The net increase in the wireline subscriber base was at 0.31 Mn, with a monthly growth rate of 1.27%, according to the Telecom Regulatory Authority of India (TRAI).
The government-owned BSNL and MTNL had a 41.5% share in the wireline segment as of February 2022.
The number of wireline subscribers in the country stood at 20 Mn in January 2021, according to TRAI.
