Mumbai: Fibre broadband service provider Excitel has raised $11.5 million in equity from existing and new tech investors based out of Europe.

“From a current subscriber base of 0.7 million, Excitel aims to increase its customer base to 10 million while also expanding operations to 100 cities by end of 2022,” said the statement.

Excitel will also make significant investments to enhance its technology stack as well as its customer experience along with foraying into newer markets, Excitel has expanded its operations to Mumbai and the Western region in Q1 FY23 to provide fibre-to-the-home (FTTH) services at competitive prices. Excitel will also invest towards onboarding talent to strengthen operational and technical capabilities.

“Excitel has established itself as a brand that is helping bridge the digital divide by providing world-class FTTH services at affordable rates across the country,” said Excitel CEO and co-founder Vivek Raina. “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. 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 becoming the leading internet service provider in the country.”

The company recently announced the launch of its services in Mumbai and will expand to Delhi, Hyderabad, Bangalore, and other cities by offering high-speed internet with quick service resolution. The company will not only cater to structured areas but also provide services to the unstructured areas of the city.