• Macquarie Capital, investment arm of Macquarie group, bought 51% controlling stake Bombay Gas Company Limited’s subsidiary “CloudExtel”.
  • The deal value was reported to be around $100 million (approx. Rs. 821 Crores) as per media reports.
  • CloudExtel’s management will remain unchanged post the deal though the workforce count is expected to rise from 350 to about 1000 over the next five years.


About Macquarie Capital:

  • Incorporated Macquarie Capital, is the corporate advisory, capital markets, and principal investment arm of Australian global financial services group Macquarie Group.
  • Macquarie employs more than 20,000 staff in 34 markets and is the world’s largest infrastructure asset manager with more than $871 billion in assets under management.

About CloudExtel:

  • Established in 2014, Excel Telesonic India Private Limited (CloudExtel), is a subsidiary of Bombay Gas Company Limited (BGCL).
  • CloudExtel is a Network as a Service (NaaS) provider offering infrastructure services such as Small Cell Hosting, FTTH, Intra-City Fibre and Virtualized Networks with a footprint in more than 400 cities and towns.
  • CloudExtel has marquee customers such as Airtel, Vodafone Idea, Tata Communications, Tata Sky, RailTel, Power Grid Corporation of India, and strategic partnerships with leading global tech companies.



  • CloudExtel clocked revenue of Rs. 125 Crore in FY23, clocking a CAGR of 84% in five years with a positive EBITDA; to continue to grow at an aggressive rate, achieve the next level of scale and provide its latest offering in infrastructure sharing, it will need significant amount of capital.
  • Kunal Baja CEO of CloudExtel said that as the demand for internet data via mobile networks has risen 20-fold since 2015 in India, adequate infrastructure to decongest networks and enhance connectivity will be required for high quality user experience.
  • Also, tower fiberisation in India stands at 33 per cent, versus around 70 per cent in mature global markets. Enterprise and household Fibre penetration is even lower.
  • Partnering with Macquarie Capital and their flexible balance sheet will help CloudExtel to fill this gaps by scaling the infrastructure services and imbibe global best practices.


RBI Bulletin (, SEBI (, NSE (, BSE (


This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

#mergersandacquisitions #privateequity #ipo #debt #debtsyndication #valuations #rating #creditrating #financeadvisory #finance #economy #indianeconomy #fundraising #capitalmarket #capital #banking #m&a #ma #pe #initialpublicoffer #businessloan #loan #businessvaluation #registeredvaluer #acquisition #merger #deals #financialdeals #ahmedabad #gujarat #india #ratingadvisory#primarymarket #secondarymarket #mergersandacquisitionsahmedabad #maahmedabad #privateequityahmedabad #ipoahmedabad #financeadvisoryahmedabad #stockmarket