Improving the quality of digital connectivity in communities across India

Through its investment in Excel Telesonic India Private Limited (CloudExtel), Macquarie Capital is helping improve the performance of data connectivity by accelerating the deployment of digital infrastructure across India.

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Sector Infrastructure
Sub-sector Digital
Location India


India is the world’s second-largest telecommunications market with more than one billion mobile subscribers1 and one of the biggest consumers of data worldwide.2 Data consumption is predicted to grow by three times by the end of 2027,3 presenting significant scope for growth in fibre deployment and high-capacity wireless solutions.

As India embraces a digitalised economy coupled with the shift towards 5G, the growth in mobile usage and demand for data capacity are required to accelerate the deployment of digital infrastructure.  

CloudExtel is a Network as a Service (NaaS) provider offering infrastructure services such as Small Cell Hosting, FTTH, Intra-City Fibre and Virtualised Networks to telecom operators, internet service providers, data centres, enterprises and large content providers. These solutions help to decongest networks and enhance connectivity, allowing providers to overcome challenges emerging from the hyper-growth of data consumption in India. 

With a pan-India footprint covering key telecoms licence areas across the country, the company owns and operates networks that address critical points of network stress, leverage sharing and adopt emerging network technologies.


In May 2023, Macquarie Capital successfully completed the acquisition of a majority stake in CloudExtel to support the scaling of its telecommunications infrastructure portfolio across India. 

GSMA, the global association of mobile network operators, forecasts that 5G technologies will contribute approximately $US450 billion to the Indian economy over the period of 2030-2040.4 5G networks offer vast potential to transform industrial sectors and deliver significant social and economic benefits across the country. 

Ensuring adequate infrastructure to decongest networks and enhance connectivity will become a growing requirement as demand for internet data via mobile networks continues increases and users demand a high-quality experience.  

In particular, the deployment of small cells will become more critical in 5G networks as urban areas with high connection density and limited line of sight can prove difficult for large macro cell towers to provide sufficient capacity. 

Other high-demand capabilities include high reliability and low latency underground fibre to support enterprise and data centre connectivity, along with equipping users with intercity and last-mile connectivity.  

The partnership between Macquarie and CloudExtel brings together the former’s experience in technology and digital infrastructure in global markets with the latter’s extensive footprint and near-decade of experience in the Indian market. 


Macquarie Capital’s flexible capital investment will enable CloudExtel to further develop and roll out its telecommunications infrastructure portfolio, particularly in small cells and fibre while continuing to push the envelope towards virtualised networks, which will facilitate improved performance and faster data connectivity for end users.

Subsequently, Macquarie Capital has added a strategic partner, Advencap, a distinguished investor specialising in digital infrastructure ventures and fibre expertise. Advencap and Macquarie Capital are joined in their commitment to bolstering CloudExtel’s digital infrastructure portfolio, with a specific emphasis on advancing small cells and fibre optic technology deployment.


small cell sites


of tenanted fibre in Mumbai


homes passed for FTTH business


neutral host Shared RAN Network operator

With the rapid growth of digitalisation in India, better network coverage and capacity is essential to enabling people to stay connected. We are excited to leverage our global experience to support CloudExtel in expanding their telecommunications portfolio as well as enhancing the quality and effectiveness of connectivity for local communities across India.”

Ivan Varughese
Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific, Macquarie Capital

1. Invest India,
2. ‘India’s data consumption rate highest worldwide: RS Sharma’, ET, October, 2023,
3. Analysys Mason
4. ‘Paving the way for 5G readiness in India: A guide for effective policymaking on small cell deployment’, GSMA, January 2022,

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