Digantara Secures $12 Million in Final Close of Series A1 Round

Overview of the Investment

On February 28, 2023, spacetech startup Digantara announced the completion of its Series A1 funding round, raising a total of $12 million. The round consisted of two tranches - the first being $10 million led by Peak XV Partners in June 2022, followed by a second tranche of $2 million from Aditya Birla Ventures and Small Industries Development Bank of India (SIDBI).

Plans for Deployment of Fresh Funds

With the new funds, Digantara plans to invest in further developing its Space Mission Assurance Platform (Space-MAP), which aims to serve as a single platform for all space operations. Additionally, the company intends to use the funds to launch the first phase of its space-based surveillance satellite constellation and accelerate the development of its Downstream Space Situational Awareness (SSA) services, targeting full deployment by Q2 2024.

Company Profile and Objectives

Established in 2018, Digantara focuses on creating a sustainable space ecosystem by developing a space debris detector capable of tracking objects as small as 1cm. The company seeks to establish itself globally, expanding its offerings to the United States, the United Kingdom, and Europe. By 2024, Digantara expects to launch two space-based SSA sensors and operate two state-of-the-art observatories in India.

Founders and Key Personnel

Anirudh Sharma, Rahul Rawat, and Tanveer Ahmed founded Digantara, with Sharma serving as CEO. The company has attracted notable investors like Aditya Birla Ventures and SIDBI, reflecting confidence in the potential of the spacetech industry in India.

Significance of the Investment

The investment from Aditya Birla Ventures and SIDBI signifies the recognition of the immense potential of the spacetech sector in India, with the global space market projected to surpass $1 trillion by the end of the decade. The investment also marks a significant step towards enhancing India's presence on the international stage, contributing to the country's overall progress.

Impact on the Spacetech Industry in India

India has witnessed rapid growth in the spacetech sector, attracting numerous startups and fostering innovative solutions. With initiatives like the 0% GST rate for spacetech startups introduced by the GST Council, the sector continues to gain momentum, with over 100 spacetech startups registering with ISRO in 2022. Collaborations like those between ISRO and Microsoft further highlight the importance of supporting and nurturing the spacetech industry in India.

Major Players in the Spacetech Ecosystem

Some key players in the Indian spacetech ecosystem include Agnikul, Digantara, Bellatrix, and Pixxel, among others. The sector is poised for exponential growth, with estimates suggesting a market size of $77 billion by 2030.

In summary, Digantara's successful fundraising rounds indicate the growing interest in the spacetech sector in India, driven by the potential for technological advancements and economic growth. The company's focus on addressing gaps in space operations and situational awareness positions it well for future expansion and contribution to the global spacetech community.

-Prisha Jaiswal