Internet provider Excitel secures $11.5 Million in fresh funding
- ByStartupStory | May 4, 2022
Internet services provider Excitel has bagged USD 11.5 million from existing and new investors. The fresh fund, will be used for gaining subscriber market share in the next few years, said Excitel CEO, Vivek Raina.
The internet services provider, which competes with market leaders including Act Fibrenet, Reliance Jio, and Airtel Xtream, among others, aims to be among the top five players in the market in the near future and take the lead in the long term. The startup also has plans to grow its customer base from present 0.7 million to over 8 million by the year 2026.
“The funding moves us closer to our goal of being the largest fiber-to-the-home provider in the country over the next 5 years and will help us scale up to a subscriber base of 8-10 million over this period,” Raina noted.
He further added that a major portion of the fresh funds will be invested in expanding the geographic footprint of the company, starting with entering Mumbai and the Western region, followed by a series of expansions across India taking their operational city to count up from 29 to 100 by December 2022.
“In addition to the expansion, we will be deploying these news funds towards technology aimed at enhancing customer experience as well as getting the right talent on board to enable the next phase of growth,” said the Excitel CEO.
He added that Excitel would continue to develop its core FTTH offering and keep its plans at competitive levels. Currently, the company offers 100 Mbps connection for Rs 699 a month along with a router and wi-fi, which when taken for the full year is priced at Rs 399 a month. Higher speed connections at 200 Mbps or 300 Mbps start at Rs 799 and Rs 899 a month, respectively, but when taken for the full year come to Rs 449 a month.
The CEO noted that FTTH at home will continue to complement high speed on the go internet using 5G, but will also have a separate market that will not be cannibalized by the growth of high-speed wireless broadband.
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