Network-as-a-service provider CloudExtel raises Rs 200 crore debt

Network-as-a-service (NaaS) provider CloudExtel Wednesday announced it has secured its first external debt funding of Rs 200 crore, that will go into expanding its network of small cells and fiber optics.

The telecom infrastructure provider has also received an A- credit rating from CARE Ratings.

The debt funding comes after CloudExtel secured equity investments from Macquarie Capital and Advencap in FY24.


The company said the capital infusion is a testament to the scalability and viability of NaaS, its financial stability, governance and long-term stability.

“India’s digital landscape is poised for substantial growth with emerging technologies set to revolutionise 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. The credit rating also substantiates our emphasis on world-class governance and financial stability,” said Kunal Bajaj, CEO and co-founder, 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.

With this capital infusion, the company plans to intensify its market presence in Fiber and Small Cells deployment.

It added that only 33% of telecom towers in India are fiberised against 70%+ across global markets, with demand expected to be further amplified with data centers and FTTH (Fiber-to-the-Home) growing at a CAGR of 40% and 27% for the top 10 cities, respectively.