Macquarie-backed telecom infrastructure firm CloudExtel has announced plans to acquire smaller cable operators and niche firms worth ₹1,500-2,000 crore over five years. According to reports from Business Standard, Cofounder and CEO Kunal Bajaj stated that each acquisition will range between ₹500 crore-₹900 crore, with the strategy aimed at providing deeper market footprint. The company has built out its presence in Mumbai and plans to focus on expanding from this base.
The acquisition strategy is supported by significant funding from Macquarie Capital, which took a majority stake in the Mumbai-based company in 2023. As reported by Business Standard, the company raised $100 million from Macquarie Capital and ₹200 crore in debt from private sector banks for building AI, cloud and data center connectivity infrastructure. CloudExtel achieved revenues of ₹224 crore for financial year 2025 (FY25), demonstrating a compounded annual growth rate (CAGR) of 35 per cent.
CloudExtel operates as a full-stack NaaS (Network-as-a-Service) provider, offering neutral network infrastructure for internet service providers, enterprises including public sector units, and major carriers like Reliance Jio, Bharti Airtel or Vodafone Idea. According to Business Standard, the company uses small cell or micro-sites and virtualised radio active networks to provide this neutral network, enabling carriers to offload traffic in high-congestion regions. The company's ability to acquire and make sites operational within a week has enabled rapid expansion under the NaaS model.
The company plans to expand its data center connectivity segment, which it began last year, leveraging 1,200 km of built out fiber networks. As reported by Business Standard, the ₹200 crore debt raise will be utilized for this expansion, with the strategy starting from Mumbai and scaling up across markets. This expansion aligns with surging fiber demand driven by data centers and 5G networks, which are expected to generate annuity-like revenues through contracts spanning 10-15 years.
