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 smaller or underperforming markets, including Mumbai, Ambala and Karnal, and focusing on major markets such as Delhi, eastern Uttar Pradesh, Rajasthan, Hyderabad and Bangalore. The company also reduced depreciation cost by optimizing asset utilization by reusing more than 80% of routers from users who canceled their service. Excitel’s revenue from operations increased by 2.5% in FY26 ₹530 crore.