Internet service provider Excitel Broadband is undergoing a leadership change as cofounder Vivek Raina resigns from the company to pursue new business ventures. Raina, who co-founded Excitel in 2015 and transitioned the startup to fiber-based services by 2017-18, has emphasized a smooth leadership transition and expressed confidence in the younger management’s ability to propel the company to greater success.
Excitel has secured over $14.4 million in funding and witnessed positive financial growth, with revenue climbing 24% to INR 486.84 crore in FY24 while reducing losses. Raina’s departure marks a significant shift in the Indian internet service provider landscape, raising questions about Excitel’s future strategic direction and competitiveness in the market.
With Raina’s track record of industry experience at companies like Digicable Network India, Hathway, and Reliance Communications, his next entrepreneurial endeavors are anticipated to bring fresh innovations to the tech industry. As Raina takes a temporary break before embarking on his new business ventures, his commitment to nurturing young talent and fostering entrepreneurship through initiatives like Launchpad Kashmir underscores his dedication to driving tech innovation and empowering future tech leaders.
Source: Inc42 Media