Excitel plans to raise $50 million next year to fund broadband expansion

NEW DELHI: Broadband service provider Excitel is looking to raise around $50 million in the next fiscal to fund its fiber broadband expansion in the country, especially in the North-East and Southern regions.

“At least a year from now, we will look for the next round, which would be $50 million. The current valuation of the company is around Rs 2000 crores. By that time, we will have more users,” Vivek Raina, CEO and Co-founder told ET in an interaction.