Excitel shelves $200-million fundraise plans as exit pressure from seed investor subsides

The company achieved this profit primarily by shutting down operations in about 10 small or underperforming markets, including Mumbai, Ambala, and Karnal, and focussing on its core markets such as Delhi, eastern Uttar Pradesh, Rajasthan, Hyderabad, and Bangalore. The company also reduced its depreciation cost by optimizing asset utilization, reusing more than 80% of the routers from users who cancelled their service. In FY26, Excitel’s revenue from operations grew 2.5% to ₹530 crore.