Since then, the country's desire for the internet has grown, and working from home and taking online classes has become the standard. As a result of the increased demand, telecom and broadband providers have been obliged to increase the amount of data included in their plans.
However, rising data usage has aided telcos and broadband providers in attracting new users to their platforms, which is why services are being expanded.
Similarly, Excitel, a homegrown broadband provider with a few cities under its belt, is planning to expand its services to other parts of the country. Meanwhile, we spoke with Vivek Raina, the company's CEO and co-founder, about their investment and development plans.
Exciting Expansion Plans are in the works at Excitel.
Notably, the internet service provider is currently available in 21 cities and wants to expand its reach in the future. "We're in 21 locations now, with aspirations to expand to 50 places in a year," Raina added.
He told Gizbot exclusively that we plan to increase the number of cities to 100 shortly. Raina stated that the company intends to target tier II and tier III cities for user acquisition. In addition, we plan to raise our user base from 5.8 lakh to 10 lakh.
Excitel Investment Prospects
Vivek revealed that the company intends to raise funds from Indian and European investors as part of its expansion objectives. "We are in the process of raising money and open for Indian and European investors," he added.
In addition, we first raised funds from European investors. However, we are now concentrating our efforts on Indian investors. When asked how much money Excitel hopes to raise in the next three years for expansion, Vivek said the company expects to raise between Rs. 130 crores and Rs. 160 crores.
Furthermore, he stated that Excitel serves only a few major cities, including Delhi, Bengaluru, and Hyderabad. However, in the coming months, the company wants to expand its operations to Chennai and Mumbai.
It's crucial to highlight that the company has big expansion aspirations, but it'll keep its focus on tier II and tier III cities, where it's getting a lot of interest.
(Source: Gizbot)
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