- Steelman Telecom is fundamentally a hands-on builder and caretaker of India’s mobile networks - the company that climbs the tower, installs the gear, and keeps the signal alive so that operators like Airtel and Jio can sell connectivity. It began in 2003 as a hotel business and changed its business activities to telecom services in 2008, and it has since grown into a public company with a PAN-India workforce of over 3,700 people. The recurring approach is to embed itself deeply with the biggest telecom operators and equipment makers as a trusted, boots-on-the-ground partner, then use the cash and credibility from that core to launch new ventures in construction, electric cab-hailing, and even African telecoms.
Business segments
Four engines at different stages - a telecom-services cash cow, a fledgling construction arm, an electric cab-hailing bet in Kolkata, and a small African outpost - each built on the relationships and workforce of the one before.
1. Telecom infrastructure services: the group’s reason for being
Steelman is paid by India’s largest telecom operators and equipment makers to physically build, tune, and maintain their networks across the country, from installing antennas to running 24/7 network operations centres.
- Paid per project or on recurring contracts - For installation and engineering work, it earns revenue on a project basis; for managed services, it holds recurring contracts where it is paid to meet strict uptime promises, targeting 99.5% network availability and 100% service assurance around the clock.
- Works for all the big names - Its customers include Airtel, Reliance Jio, Vodafone, and equipment makers like Nokia and Ericsson, giving it a rare status as a service provider that works with all major original equipment manufacturers (OEMs).
- A 3,700-strong field force - The business is not a product but a skilled service delivered by over 3,700 permanent employees, mostly engineers and technicians deployed at client sites, with the largest concentration in Eastern India.
- Covers the full lifecycle of a network - It does everything from the initial survey and installation of base stations to drive-testing signal quality, managing day-to-day operations, and even building the physical sites and showrooms through its engineering procurement construction management (EPCM) work.
2. EPC contracting: building beyond the tower
A small but distinct construction arm that takes the group’s project-management skills from telecom sites into civil, electrical, and mechanical work for other industries.
- A separate, younger business - Started in FY 2022-23, this segment is reported separately from the core telecom maintenance work, meaning it has its own revenue track and is treated as a standalone bet on infrastructure.
- Still India-focused - Like the telecom business, all its activity is confined to India, suggesting it is an early-stage diversification rather than an international play.
3. Snap-E Cabs: an all-electric ride-hailing fleet in Kolkata
A subsidiary that owns and operates a fleet of electric cars and their charging stations, competing in Kolkata’s ride-hailing market under the “Snap-E” brand.
- Owns the cars and the chargers - Unlike an aggregator that connects drivers and riders, EC Wheels India owns the vehicles and has built its own charging infrastructure, including what it calls the largest EV charging hub in Eastern India.
- Funded by outside investors - Steelman’s ownership has been steadily diluted from near-total control to just over 50% through a series of share sales to external investors, whose money is used to buy electric cars and build charging stations.
- Backed by carmaker partnerships - It has signed agreements with Tata Motors and JSW MG Motors to procure electric vehicles, securing a supply line for its planned fleet expansion across Eastern India.
- Still loss-making - The subsidiary incurred a loss in FY25, which is consistent with a business that is still building its fleet and charging network ahead of future revenue.
4. Ethiopian telecom rollout: a small bet on an African network build
A nearly wholly-owned subsidiary in Addis Ababa set up to win installation work on Safaricom’s new mobile network in Ethiopia, a country building thousands of new towers.
- Chasing a specific opportunity - The subsidiary was incorporated in early 2023 to target the rollout of around 8,000 telecom towers planned by Safaricom over five years, with work split between Nokia in the north and Huawei in the south.
- A local-partner structure - Steelman holds 99% of the subsidiary, with a local Ethiopian partner holding the remaining 1%, a common setup for foreign companies entering a new market.
- Tiny and currently loss-making - With a share capital of about 8.2 million Ethiopian Birr and a small loss in FY25, this is a very early-stage outpost that has yet to generate meaningful returns.
Group structure and partners
The Bindal family-controlled holding company sits atop two subsidiaries - a domestic EV cab business and an Ethiopian telecom installer - while also raising growth capital through convertible warrants issued to promoters and outside investors.
- Promoter control - The Bindal family held nearly 72% of the parent company as of March 2024, giving them tight control over the group’s direction.
- EC Wheels India Pvt Ltd - The domestic subsidiary running Snap-E Cabs, in which Steelman’s stake has been diluted to just over 50% through repeated fundraising from external investors who receive preference shares convertible into equity.
- Steelman Installation Services PLC - The Ethiopian subsidiary, 99%-owned by Steelman with a local partner holding the rest, set up to perform outdoor telecom installation work.
- Warrant issuance for parent-company funding - In early 2024, the parent company issued 1 million convertible warrants to a mix of promoters and non-promoter investors, raising an upfront payment with the balance due when investors choose to convert them into equity shares within 18 months.