December 15 (SeeNews) - Bulgarian private equity firm BlackPeak Capital said on Thursday that it is exiting Bulgaria-founded, India-active mobile telecoms services provider Excitel Broadband, which was hitherto part of its BPC I portfolio.
The move was enabled by a 12.6 million euro ($13.4 million) fundraising round led by London-based Challenger Capital Partners, BlackPeak Capital said in a social media post.
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"We remain confident that Excitel will continue on its impressive growth path," the investment company said, adding that Excitel's asset-light business model backed by proprietary technology has allowed the business to achieve a 65% compound annual growth rate (CAGR) in subscriber numbers since its inception in 2016.
Founded by Bulgarian entrepreneurs Nikolai Gorchilov, Victor Francess and Plamen Petkov, Excitel is active in India as one of the top broadband providers in the New Delhi area, with more than 800,000 subscribers. Bulgaria is still home to the company's core management and development teams.
Excitel aims to more than double the number of its broadband subscribers over the next 18 months, co-founder Nikolai Gorchilov told SeeNews in an interview in May, shortly after the company raised 10.6 million euro at a post-money valuation of 100 million euro. After that deal, Excitel's controlling investors were the three co-founders and India-based CEO Vivek Raina.
($ = 0.9418 euro)