Internet service provider Spectranet said it will invest Rs 500 crore to expand its services across 50,000 wi-fi hotspots and reach over 5 million households in the country.

The company will raise Rs 250 crore through equity and an equal amount through debt.

"We are building India''s largest Wi-Fi network across commercial and residential areas and see tremendous growth opportunity in this segment," said Spectranet Managing Director Udit Mehrotra.

Spectranet has deployed Wi-Fi network at over 1,000 hotspots across six metros Delhi, Mumbai, Bangalore, Kolkata, Chennai and Hyderabad.

The company has also partnered with Aircel to offer high speed Internet access to Aircel customers on Wi-Fi.