Billionaire Mukesh Ambani-led Reliance Industries is holding advanced-level talks with spacetech startup Digantara Research & Technologies to lead a $50 million funding round. The major portion of the funds raised will be utilised towards the capital expenditure for building infrastructure. Apart from Reliance Industries, Digantara’s existing investors, including Peak XV Partners, are also likely to participate in the funding round, the Economic Times reported.
The development comes around a time when spacetech startups in India are gaining momentum, driven by global geopolitical turmoil and increasing defence spending.
“Reliance has evaluated multiple startups in the spacetech segment. It is looking at companies building novel solutions in the sector. Its talks with Digantara are at an advanced stage,” ET reported, citing a source. “Given the volatility in global geopolitics, every country is focused on having its own indigenous sovereign solutions that can be controlled in times of crisis. That’s where the opportunity lies for startups like Digantara,” the source added.
Bangaluru-based spacetech startup is a space situational awareness company building end-to-end infrastructure to address the difficulties of space operations and situational awareness via its platform. The company was founded in 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed.
What's Fuelling Space Tech Growth?
“Space Tech is indeed the next frontier for innovation offering unprecedented opportunities for growth. The globalspace market is expected to cross $1 trillion by the next decade. We have strong belief in Digantara’s ability to develop advanced data led ‘Space Situational Awareness’ solutions forclients globally,” founder, Aditya Birla Ventures, Aryaman Vikram Birla, said earlier, according to the company’s statement.
These bets have come around at a time when India’s space tech applications are growing at 12% CAGR and is projected to reach ₹ 1.2 lakh crore by 2025. Government push via policies like the Indian Space Policy 2023 and the ‘Make in India’ initiative in space tech to boost domestic manufacturing, innovation, and self-reliance in the space sector.
Reliance isn’t the only giant who is seeing potential in the 2018 founded space tech firm. In February 2024, the venture capital arm of billionaire K M Birla-led Aditya Birla Group forayed into the space technology sector by investing in Digantara.
