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Spacetech Startup Digantara Bags Funding From Aditya Birla Ventures, SIDBI
Inc42
·
1y ago
Medial
Indian spacetech startup Digantara has closed its Series A1 funding round, securing $12m. The funding was raised in two tranches, with the first leg raising $10m led by Peak XV Partners in 2022, and the second leg securing $2m from Aditya Birla Ventures and Small Industries Development Bank of India (SIDBI). Digantara was founded in 2018 and is focused on building a sustainable space ecosystem, developing space debris detection technology and a space surveillance satellite constellation. The funding will be used to develop its Space-Mission Assurance Platform and expand its offerings globally.
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Spacetech startup Digantara receives Birla-led $2M fund boost
Inshorts
·
1y ago
Medial
Bengaluru's Digantara, a spacetech startup, concludes its funding round with a $2M boost from Aditya Birla, and Sidbi Capital. Found in 2018 by three friends, it sells space awareness and intelligence technology. Since 96% of orbital objects go untracked, it tracks debris to prevent collision risks. CEO Anirudh Sharma and his team envision a cleaner, safer space for future generations.
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Aditya Birla-backed Digantara takes flight onboard SpaceX’s rocket, system to monitor and detect objects
Economic Times
·
6m ago
Medial
Bengaluru-based startup Digantara successfully launched its SCOT mission aboard SpaceX’s Transporter-12 mission to improve space surveillance. The SCOT satellite can track objects as small as 5 cm in Low Earth Orbit, surpassing existing sensors limited by weather and geographical constraints. Supported by Aditya Birla Ventures and SIDBI Venture Capital, SCOT aims to enhance space safety, optimize traffic management, and bolster national security. Digantara plans to develop a hybrid surveillance network for sustainable space operations, having raised $16.5M in funding.
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Spacetech startup Digantara raises $2 million from Aditya Birla Ventures, others
Economic Times
·
1y ago
Medial
Bengaluru-based space situational awareness startup Digantara has raised $2m in funding from Aditya Birla Ventures and Sidbi Venture Capital. Digantara's Space-Mission Assurance Platform (Space-MAP) offers stakeholders orbital insights and datasets to enhance the safety and sustainability of space operations. The funding is part of the startup's Series A round, bringing the total amount raised to $12m. Digantara also plans to expand internationally and launch two space-based situational awareness sensors by 2025. The company aims to address the current gap in tracking and management of objects in orbit, with only 4% being monitored.
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Naman Finance, SIDBI invest in spacetech startup Digantara
Entrackr
·
1y ago
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.
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Aditya Birla Digital Fashion Invests INR 75 Cr In WROGN
Inc42
·
9m ago
Medial
Aditya Birla Digital Fashion Ventures has acquired a higher stake in the direct-to-consumer (D2C) fashion brand, WROGN, increasing its ownership from 17.10% to 32.84%. This move will help Aditya Birla Digital Fashion to expand its collection of digital-first brands and diversify its brand portfolio. The investment follows a previous acquisition by Aditya Birla Group's fashion and lifestyle arm, TMRW, which acquired a 16% stake in the parent company of WROGN.
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Dhruva Space raises $15 Mn in Series A round
Entrackr
·
1y ago
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.
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GIVA raises ₹270 cr led by Wipro Founder Chairman's Premji Invest
Inshorts
·
2y ago
Medial
Jewellery brand GIVA has raised ₹270 crore in a funding round led by Wipro Founder Chairman Azim Premji's Premji Invest. The startup raised ₹200 crore in primary capital in the Series B funding round, which saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners. GIVA raised another ₹70 crore through a secondary sales transaction and gave partial exit to Kunal Shah and FirstCheque.
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UptimeAI Bags $14 Mn To Offer AI Tools For Manufacturing Units
Inc42
·
1y ago
Medial
UptimeAI, a company that offers AI-driven digital solutions to manufacturing plants, has successfully raised funds in a recent round led by WestBridge Capital. Existing investor Emergent Ventures and new investor Aditya Birla Ventures also participated in the funding. The company plans to use the capital to expand its tech platform, introduce new products, and increase its presence in North America, the Middle East, and Asia. UptimeAI was founded in 2019 and aims to help manufacturing plants optimize efficiency and reduce maintenance costs through its AI-powered solutions.
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Aditya Birla Capital infuses ₹750 crore into Aditya Birla Finance Limited
Livemint
·
1y ago
Medial
Aditya Birla Capital has invested ₹750 crore in its subsidiary, Aditya Birla Finance, through a rights issue. The investment aims to support the subsidiary's growth, funding requirements, and leverage ratio improvement. Aditya Birla Finance also plans to raise up to ₹2,000 crore through its maiden public issue of non-convertible debentures (NCDs). At least 75% of the net proceeds from the NCD issue will be used for lending, financing, and repayment of existing borrowings, while the remaining 25% will be allocated for general corporate purposes.
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Kohli-backed Wrogn secures ₹75 crore investment from Aditya Birla
Inshorts
·
9m ago
Medial
Cricketer Virat Kohli-backed apparel brand Wrogn has received an additional ₹75 crore investment from Aditya Birla Digital Fashion Ventures. With this, Aditya Birla's stake in the company has increased from 17.10% to 32.84% on a fully diluted basis. Wrogn's revenue fell to ₹243 crore in FY24 from ₹344 crore in FY23.
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