Mumbai’s CloudExtel, a Network-as-a-Service provider, secured Rs 150 crore from NIIF Infrastructure Finance Limited and an additional Rs 50 crore from Aditya Birla Finance Limited. This funding aims to expand its market presence in fiber and small cell deployment.
Furthermore, CloudExtel earned its first credit rating of ‘A-‘ from CARE Ratings Limited.
In May 2023, CloudExtel sold a 51% controlling stake to Macquarie Capital for $100 million, acquiring Bombay Gas Company’s shares. Subsequently, in October 2023, digital infrastructure ventures investor Advencap acquired a portion of Macquarie Capital’s shares.
“India’s digital landscape is poised for substantial growth with emerging technologies set to revolutionize the ecosystem. This partnership with NIIF IFL and ABFL marks a significant step in our journey as the debt capital infusion will now be complementary to the investment by Macquarie Capital and Advencap,” said Kunal Bajaj, CEO and Co-founder at CloudExtel in a statement.
“The combined capital will strengthen our position to effectively respond to market opportunities as we expand our deployment in network infrastructure to transform the telecom space,” he added.
The Network-as-a-Service provider CloudExtel offers infrastructure services such as small cell hosting, FTTH, intra-city fiber, and virtualized networks to telecom operators, internet service providers, data centers, enterprises, and more. With a presence in 475 cities and towns across India, the company offers extensive coverage.
In a recent interview, CloudExtel expressed its plans to increase its fiber and wireless infrastructure by five times over the next five years, focusing on 4G, 5G, and data centers.
The company stated that the rise in data consumption in India and the expanding urbanization would drive the need to speed up infrastructure deployment. CloudExtel competes with companies like picoNETS and Cyient.
