Reliance Industries is reportedly in advanced talks to lead a $50 Mn (around INR 430 Cr) funding round in spacetech startup Digantara. Existing backers, including Peak XV Partners, are also expected to participate in the fundraise.
“Reliance has evaluated multiple startups in the spacetech segment. It is looking at companies building novel solutions in the sector. Its talks with Digantara are at an advanced stage,” a person aware of these discussions was quoted as saying to ET.
The Bengaluru-based startup plans to use a major portion of the fresh capital for capex, aimed at building a constellation of 12–13 surveillance satellites by the end of 2026. Three of these satellites have already been launched.
Founded in 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed, Digantara focuses on tracking, mapping space debris and managing the increasingly crowded orbital environment. Its flagship product, Space-MAP (Mission Assurance Platform), integrates data from multiple sources.
Digantara’s plan to raise fresh funding comes at a time when it is looking to expand its commercial and defence-related business globally.
Inc42 has reached out to Digantara with queries on the development. The story will be updated based on the development.
In February, the startup set up a dedicated manufacturing and operations facility in the US. It is also aiming to generate $25–30 Mn in revenue over the next two to three years, driven by international growth and US operations.
For the US expansion, Dignatara was also looking to invest $10-15 Mn, over the next six to eight months, to build a dedicated spacecraft manufacturing and space optics production centre in Colorado. The State of Colorado has already pledged close to $1 Mn in operational incentives to fuel the startup’s expansion plan.
Digantara has been raising sizeable amounts over the past few years. In Februar last year, it completed an extended Series A funding round, taking the total raise in the round to $12 Mn. Back in 2023, it raised $10 Mn from Peak XV Partners, Kalaari Capital, Japan’s Global Brain, Campus Fund and IIFL Wealth’s among others, as a part of the first tranche of the Series A round.
The post Reliance In Talks To Lead $50 Mn Funding Round In Digantara: Report appeared first on Inc42 Media.
Original Article
(Disclaimer – This post is auto-fetched from publicly available RSS feeds. Original source: Inc42. All rights belong to the respective publisher.)
