Press Release

Macquarie Capital adds digital investment specialist Advencap to CloudExtel’s investor consortium

Mumbai, 20 October 2023

  • Macquarie Capital had announced the acquisition of a majority stake in CloudExtel in May 2023.
  • Macquarie Capital is now partnering with Advencap, who will acquire a stake in CloudExtel, to accelerate the business’ growth in India.
  • Advencap is a major investor in digital infrastructure ventures across the globe with strong expertise in building and operating fibre businesses.


Advencap, a distinguished investor specializing in digital infrastructure ventures and fibre expertise, has announced it is investing alongside Macquarie Capital, to acquire a stake in CloudExtel and collaborate in its future growth.

Macquarie Capital acquired a majority stake in CloudExtel in May 2023, and has now added a strategic partner with a deep understanding of digital infrastructure to support the growth of the business. Advencap will bring a wealth of experience and resources to CloudExtel.

Advencap and Macquarie Capital are united in their commitment to bolstering CloudExtel's digital infrastructure portfolio, with a specific emphasis on advancing small cells and fibre optic technology deployment.

India, a market with over one billion mobile subscribers, is poised for remarkable growth in fibre deployment and high-capacity wireless solutions. As the nation embraces a digitalized economy and harnesses the power of 5G technology, the demand for data capacity and digital infrastructure deployment is growing rapidly. This unprecedented surge in demand necessitates substantial investments, and the inclusion of Advencap as a strategic shareholder uniquely positions CloudExtel to meet this exponential growth.

Ivan Varughese, Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific, Macquarie Capital said: “India’s rapidly digitizing economy needs better mobile networks and faster data connectivity, requiring significant amounts of investment. Industrial growth in India will also need substantial scale up of high-speed fibre network, especially for data centre and enterprise connectivity. We are proud to bring in new investment partners to support this objective and look forward to now working with Advencap to accelerate the deployment of CloudExtel’s networks and services.”

“Advencap is tremendously excited about the expansive landscape that CloudExtel operates within the Indian telecoms market. We eagerly anticipate working alongside the talented management team at CloudExtel and our esteemed partners at Macquarie Capital in this flourishing venture." said Richard Tunstall, Principal and Co-founder of Advencap

CloudExtel's innovative solutions cater to a diverse array of clients, including telecom operators, internet service providers, data centres, enterprises, and large content providers. These offerings empower clients with cost-effective, future-proof networks. With a comprehensive national footprint spanning all telecom licence areas across India, CloudExtel owns and operates networks that strategically address critical points of network congestion, maximize resource sharing, and integrate emerging heterogeneous network technologies.

Mr. Kunal Bajaj, CEO & Co-Founder at CloudExtel said “The partnership between Advencap, Macquarie Capital, and CloudExtel will help support the digital transformation within India. This strategic alliance represents the convergence of expertise, financial strength, and a shared vision for a digitally empowered India.”

Macquarie Capital has extensive experience in supporting digital infrastructure projects, backing companies in the United States, Europe and Asia. This includes Onivia, Spain’s first independent fibre network operator, and PhilTower, one of the fastest-growing independent tower companies in the Philippines.

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