India’s space startups fueling up investors’ interest

by   |  VIEW 391

India’s space startups fueling up investors’ interest

New waves of wide-ranging space technology startups engaged in building palm-sized satellites or throwing out cleaner-fuel-based satellites into the earth’s orbit, had been space-diving in India, while a large number of high-profile investors appeared to be keen to join the space race.

Latest among the Indian space technology startups, had been India’s tech capital Bengaluru-based Bellatrix Aerospace, exploring funds to propel satellites into earth’s orbit using electric power and non-toxic chemical thrusters, had raised as little as $3 million from a group of investors, said Yashas Karanam.

the co-founder of the space startup. Besides, according to Bellatrix Co-founder Karanam, Venture capital fund IDFC had been leading the space startup’s pre-Series A round, while Suman Kant Munjal, who belonged to a rich Indian family that owned the Indian motorcycle business, Hero Motor Corp., alongside one of Bombay film industry stars Deepika Padukone had been among the seven investors.

While Bellatrix had raised more than $3 million this year, another space startup, Mumbai-based Kawa Space, which usual designs and operates observation satellites, had recently closed up a fundraising campaign, but the financial figures were not disclosed, said one of the investors, Vishesh Rajaram, a managing partner at Speciale Invest.

Adding that Bellatrix’s fundraising campaign had been a bright spot for future of India at the space, co-founder of online space products marketplace Satsearch, Narayan Prasad said, “No venture capital firm which does tech investments in India has invested an amount of this size in space technology before”