OmSpace Rocket and Exploration has raised funds in a pre-seed funding spherical led by a bunch of undisclosed household workplaces and angel buyers
The Ahmedabad-based startup plans to deploy the recent proceeds to develop its modular launch automobile
Based in 2020 by Ravindra Raj Binod Mistri, Maulik Mota and Stutika Padamshali, the startup is at present constructing Infinity One which can assist a payload of 350 kg at an altitude of 800 km
Spacetech startup OmSpace Rocket and Exploration has raised $3 Mn (round INR 26 Cr) in a pre-seed funding spherical led by a bunch of undisclosed household workplaces and angel buyers.
The Ahmedabad-based startup plans to deploy the recent proceeds to develop its modular launch automobile, Infinity One, specifically designed for low earth orbit satellite tv for pc missions.
Based in 2020 by Ravindra Raj Binod Mistri, Maulik Mota and Stutika Padamshali, OmSpace Rocket and Exploration is at present constructing Infinity One which can assist a payload of 350 kg at an altitude of 800 km.
The startup claims that the launch automobile shall be a value efficient possibility for house explorers and also will be re-usable.
OmSpace was incubated at CrAdLE (Centre for Advancing & Launching Enterprises), a part of Entrepreneurship Improvement Institute of India (EDII).
The startup was additionally a part of Amazon Internet Companies’ spacetech accelerator programme which supplies a grant of $100K to all of the members a part of the initiative.
OmSpace’s funding comes at a time when India’s spacetech startups are gaining loads of traction from buyers. Earlier this yr, SatLeo raised $3.3 Mn led by Merak Ventures, whereas Astrogate bagged $1.3 Mn from Piper Serica Angel Fund.
In one other occasion, Sisir Radar bagged $1.5 Mn in its seed funding spherical led by Shastra VC.
This elevated funding exercise may considerably enhance funding developments for spacetech startups in India this yr because the sector has witnessed a 35% YoY dip to $81 Mn in complete funding final yr, in keeping with Inc42’s Indian Startup Funding Report 2024.
In the meantime, Andhra Pradesh has authorised its new spacetech coverage which seeks to supply grants and seed funding to new age spacetech startups in India. The coverage seeks to draw an funding of greater than INR 25K from home and overseas investments.
The funding additionally comes on the again of progress in India’s spacetech house which is anticipated to grow to be a $77 Bn by 2030.
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