Wired broadband service provider Atria Convergence Technologies (ACT) is planning to raise Rs.300-400 crore in the immediate term to fund its growth plan.
As part of this growth strategy, it is planning to cover top 10 cities in the country in the next 5-6 years.
The Bangalore-headquartered private equity-controlled company has a broadband subscriber base of half a million now.
“We will be looking to raise Rs.300-400 crore in the next two years to fund our growth plans. Our balance sheet is fairly strong enough to raise money. Given the kind of growth, our investors will also be interested in pumping in more capital,” Bala Malladi, Chief Executive of ACT, told this correspondent.
The Rs.500-crore company is looking to hit one million subscriber base in the next couple of years with strong presence across Hyderadbad, Bangalore, Chennai and a few more cities.
ACT, which focuses mostly on individual customers in Hyderabad, Bangalore and Chennai now, claims leadership position in Hyderabad, which is its core market. It entered Chennai six months ago. It has been present in Bangalore over the past three years. It plans to expand to other cities gradually. Mr. Malladi said that ACT was the fourth largest ISP in India after BSNL, MTNL and Airtel.
“Our technology, access and service have been the key drivers of our fast growth,” he added.
