Spacetech startup Digantara raised Rs 15.54 Cr in extended Series A round

With the help of SIDBI Venture Capital, Naman Finance and Investment Private Limited (NFAI) led an extended Series A funding round that raised Rs 15.54 crore, or $1.88 million, for spacetech startup Digantara.

According to the company’s regulatory filings with the Registrar of Companies, the board of 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, raising Rs 15.54 crore.

With an investment of Rs 8.3 crore, NFAI spearheaded the round, with SIDBI Venture Capital contributing the remaining funds.

Digantara’s valuation, according to the media, is approximately two times that of the previous funding round, at around Rs 590 crore, or $71 million (post-money).

Following the round’s allocation, NFAI purchased a 1.41% share in the business, with SIDBI Venture Capital owning 1.23%. Go here for further information.

Through three funding rounds, Digantara has raised $14.4 million in total to date. It completed a $10 million series A1 round led by Peak XV Partners (previously Sequoia Capital India) and Kalaari Capital in June 2023.

Digantara is a space situational awareness startup that was established in December 2018 with the goal of facilitating secure and long-term space operations. It is constructing an infrastructure driven by a multimodal data pool to provide precise orbital insights and reliable datasets to stakeholders throughout the value chain.

96% of the 1 million objects that are currently in orbit, according to the company, are untracked due to insufficient tracking capabilities. These objects are small enough to go unnoticed but large enough to damage spacecraft.

The company started building India’s first commercial SSA optical observatory in Uttarakhand last year, in addition to expanding to Singapore.

The company claims that this observatory will be essential to improving the country’s space and SSA capabilities. Additionally, the company launched two missions that functioned as a testbed for space weather.

The spacetech company reported operating revenue of Rs 2.37 lakh for the fiscal year that ended in March 2023, while losses totaled Rs 3.54 crore.

Agnikul Cosmos, Skyroot Aerospace, Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity are some more space-related startups.