New Delhi, June 2 -- Internet service provider Excitel Broadband has shelved its plan to raise funds, choosing to rely instead on internal cash flows to fuel its growth and expansion, chief executive Varun Pasricha told Mint in an interview.

The company, valued around $175 million, was previously exploring a fundraise of up to $200 million to facilitate an exit for its investors and to pursue growth through acquisitions. Last year, Mint reported that 15 companies including Partners Group AG, Canada's Brookfield Asset Management, Macquarie and Actis signed non-disclosure agreements for a potential investment in Excitel. The company had appointed Avendus Capital as banker for the funding round.

"We are not in the market to raise money fro...