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Naman Finance, SIDBI invest in spacetech startup Digantara

EntrackrEntrackr · 1y ago
Naman Finance, SIDBI invest in spacetech startup Digantara
Medial

Spacetech startup Digantara has raised Rs 15.54 crore or $1.88 million in an extended Series A funding led by Naman Finance And Investment Private Limited (NFAI) with the participation of SIDBI Venture Capital. The board at Digantara has passed special resolutions to issue 20 equity shares and 622 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs 2,42,122 per share to raise Rs 15.54 crore, as per the company’s regulatory filings with the Registrar of Companies. NFAI led the round with a Rs 8.3 crore investment, while SIDBI Venture Capital poured in the remaining amount. As per startup intelligence platform TheKredible, Digantara has been valued at around Rs 590 crore or $71 million (post-money), which is roughly 2X of the valuation from the previous funding round. Post-allotment of the round, NFAI acquired a 1.41% stake in the company while SIDBI Venture Capital holds 1.23% shares. For more details, visit here. To date, Digantara has raised $14.4 million in funding across three rounds. In June 2023, it raised $10 million in a series A1 round led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. Founded in December 2018, Digantara is a space situational awareness company focused on enabling safe and sustainable space operations. It is building an infrastructure powered by a multi-modal data pool to support stakeholders across the value chain with accurate datasets and precise determination of orbital insights. According to the company, inadequate tracking capabilities of objects in Earth’s orbit have left 96% of the 1 million objects that are currently in orbit untracked and these objects are large enough to cause damage to spacecraft but small enough to go undetected. Last year, the company expanded to Singapore and also commenced the development of India’s first commercial SSA optical observatory in Uttarakhand. This observatory will play a crucial role in enhancing the nation’s space and SSA capabilities, according to the company. The firm also launched two missions that served as the space weather testbed. For the fiscal year ending March 2023, the spacetech firm recorded Rs 2.37 lakh revenue from operations whereas its losses stood at Rs 3.54 crore. Other startups in the space segment are Agnikul Cosmos, Skyroot Aerospace, Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity.

Dhruva Space raises $15 Mn in Series A round

EntrackrEntrackr · 1y ago
Dhruva Space raises $15 Mn in Series A round
Medial

Space tech startup Dhruva Space has raised $15 million (Rs 123 crore approximately) in its Series A round from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. The fundraise also includes a Rs 10 crore venture debt from Small Industries Development Bank of India (SIDBI) and a Rs 14 crore venture debt from Technology Development Board. The proceeds will be used for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings, the company said in a press release. Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched as many as eight payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024. The Hyderabad-based startup is active across space, launch, and ground segments, and supports civilian and defence clients worldwide. It offers satellites teamed with Earth Station/s and Launch Services as an integrated solution or individually as technology solutions to power space-based applications on Earth and beyond. Over the past few years, several space tech startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara and InspeCity have managed to raise decent funding. In June last year, spacetech startup Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. In the same month, Pixxel scooped up $36 million in a series B funding round from new investors such as Google.

Unicorn India Ventures closes Fund III at Rs 1,200 Cr

EntrackrEntrackr · 3d ago
Unicorn India Ventures closes Fund III at Rs 1,200 Cr
Medial

Unicorn India Ventures closes Fund III at Rs 1,200 Cr Deeptech-focused venture capital firm Unicorn India Ventures has closed its third fund at Rs 1,200 crore, surpassing its initial target of Rs 1,000 crore. LPs in Fund III include HNIs, UHNIs, family offices, and institutions. Backers include Sidbi, SBI, Nabard, and the state governments of Kerala, Madhya Pradesh, and Odisha. According to Unicorn India Ventures, the fund focuses on investments in semiconductors, spacetech, and AI infrastructure. The VC firm claims to have already seen strong early traction, with seven to eight portfolio companies witnessing substantial follow-on rounds. The fund will make 20 investments with an average ticket size of 10-15 crore. It plans to announce four investments in the coming months across quantum sensing, agritech, and spacetech. Across its three funds, the VC firm has built a portfolio of nearly 50 companies, with a total portfolio valuation of about $5 billion. The firm says that it is largely staying away from AI applications (SaaS) and focusing on AI infrastructure such as semiconductors, data centres, power, and enabling technologies. It is also actively exploring nuclear micro power generation as an enabler for AI. Another major trend playing out in the fund is the growing presence of academicians as startup founders. Four to five companies in Fund III are led by academicians, with one of them being a teaching academic. Unicorn India Ventures (UIV) is a Mumbai-based, SEBI-registered Alternative Investment Fund (AIF) launched in 2015 by Bhaskar Majumdar and Anil Joshi. It acts as an early-stage venture capital firm investing in technology-led startups, focusing on seed to pre-Series A rounds with investments ranging from Rs 1 to 10 crore. The firm supports B2B, SaaS, and DeepTech sectors, aiming to build, support, and scale companies, with over 60 investments to its credit.

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