MUMBAI: Vitel Global Communications has announced that it has engaged Castle Placement as its exclusive placement agent to raise US$ 7.5 million (Rs 50.29 crore) of capital.

Proceeds will be used to expand Vitel’s VoIP business and develop its IPTV business for Vitel’s business and residential customers in the US and India.

Based in the United States, with a division in India, Vitel develops and sells a broad range of telecommunications products. Vitel has established a footprint in both countries with clients including AT&T, IDT, BT, Sprint, Qwest, iBasis, PRIMUS and RailTel India. The management team of Vitel has over thirty years of experience and expertise in communications, networking, software development, and marketing.

Founded in 2009, Castle Placement raises equity and debt private capital for start-up, early-stage and middle market companies across a broad spectrum of industries. It uses the latest technology to connect its issuers with global institutional investors. Castle Placement has over 27,000 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.