It seems India’s space startup scene is in the process of major getting a major boost that could change its fortune in the nearest future.
Some of its promising startups have just announced major fundraising totally up to $3 million.
The fund was raised by a Bengalaru-based space startup called Bellatrix Aerospace.
The raising was a pre-Series A funding led by Venture capital fund IDFC Parampara. According to Reuters, the company belongs to the family office of Suman Kant Munjal, a member of the billionaire family that controls Indian motorcycle maker Hero MotoCorp, Deepika Padukone, one of Bollywood’s biggest stars, are two of the other seven investors.
Also, Mumbai-based Kawa Space also raised an undisclosed amount from Vishesh Rajaram, the managing partner at Speciale Invest.
While Bellatrix is developing satellites, rockets and related support systems which can power space missions serving a range of industries, Kawa Space designs and operates earth observation satellites.
The latest rounds of fundraising are the largest in the history of India’s private space development industry.
However, the raising is a childs play when compared to bigger climes such as the American private space investment industry which according to CNBC has received a total of $3.9 billion in 2018.