Spacetech startup OmSpace Rocket and Exploration has raised $3 Mn (around INR 26 Cr) in a pre-seed funding round led by a host of undisclosed family offices and angel investors.
The Ahmedabad-based startup plans to deploy the fresh proceeds to develop its modular launch vehicle, Infinity One, specially designed for low earth orbit satellite missions.
Founded in 2020 by Ravindra Raj Binod Mistri, Maulik Mota and Stutika Padamshali, OmSpace Rocket and Exploration is currently building Infinity One which will support a payload of 350 kg at an altitude of 800 km.
The startup claims that the launch vehicle will be a cost effective option for space explorers and will also be re-usable.
OmSpace was incubated at CrAdLE (Centre for Advancing & Launching Enterprises), part of Entrepreneurship Development Institute of India (EDII).
The startup was also part of Amazon Web Services’ spacetech accelerator programme which gives a grant of $100K to all the participants part of the initiative.
OmSpace’s funding comes at a time when India’s spacetech startups are gaining a lot of traction from investors. Earlier this year, SatLeo raised $3.3 Mn led by Merak Ventures, while Astrogate bagged $1.3 Mn from Piper Serica Angel Fund.
In another instance, Sisir Radar bagged $1.5 Mn in its seed funding round led by Shastra VC.
This increased investment activity could significantly improve funding trends for spacetech startups in India this year as the sector has witnessed a 35% YoY dip to $81 Mn in total funding last year, according to Inc42’s Indian Startup Funding Report 2024.
Meanwhile, Andhra Pradesh has approved its new spacetech policy which seeks to provide grants and seed funding to new age spacetech startups in India. The policy seeks to attract an investment of more than INR 25K from domestic and foreign investments.
The funding also comes on the back of growth in India’s spacetech space which is expected to become a $77 Bn by 2030.
The post Spacetech Startup OmSpace Rocket And Exploration Bags $3 Mn appeared first on Inc42 Media.
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