Monday, May 27, 2024
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CloudExtel Secures CARE A- Rating for INR 200 Cr. Debt Fundraise from NIIF IFL and ABFL

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CloudExtel has garnered a distinguished first-time credit rating of ‘A’ from CARE Ratings Limited. This rating comes as the company secures its first external debt of INR 150 crores from NIIF IFL (“NIIF Infrastructure Finance Limited”) and INR 50 crores from ABFL (“Aditya Birla Finance Limited”).

This infusion by marquee lenders reflects the belief in the scalability and viability of this disruptive model of NaaS (Network as a Service), the assurance of the company’s financial strength, exemplary governance, and long-term stability.

In the previous financial year, CloudExtel secured equity investments from leading financial institutions including Macquarie Capital and Advencap. This first-of-a-kind capital infusion from NIIF IFL and ABFL further bolsters the trust that these institutions have placed in the business and CloudExtel.

With this capital infusion, CloudExtel is poised to intensify its market presence in Fiber and Small Cells deployment. Their escalating need in India reflects the country’s expanding urbanisation and the surge in data consumption. Only 33% of telecom towers in India are fiberised against 70%+ across global markets. This demand is likely to be further amplified with data centers and FTTH (Fiber-to-the-Home) growing at a CAGR of 40%1 and 27%2 for the top 10 cities, respectively. Additionally, India’s requirement for small cells and microsites presents a huge opportunity, with their deployment currently standing at less than 25% of the market potential. There is a pressing need to accelerate infrastructure rollout to meet the evolving connectivity requirements across the nation.  

Mr. Kunal Bajaj, CEO and Co-Founder, CloudExtel
Mr. Kunal Bajaj, CEO and Co-Founder, CloudExtel

Commenting about this development, Mr. Kunal Bajaj, CEO and Co-Founder, CloudExtel said, “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. 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.

Network infrastructure provided by CloudExtel serves as the backbone of mobile and fixed networks. As India transitions to 5G, the imperative to future-proof networks has further accelerated, emphasising the critical need for robust and advanced digital infrastructure.

Covered By: NCN MAGAZINE / CloudExtel

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