STARTUP SPACE
Union Budget: Space industry demands tax holidays, PLI scheme
The private space sector has high expectations from Finance Minister Nirmala Sitharaman's upcoming budget, including import holidays, tax exemptions, PLI, and government support. Industry bodies are urging for increased government expenditure and adoption of space technology solutions in various sectors. Budget also seen as crucial for regulatory framework and startup growth.
Space startups funding continues to recover as investors bet on government spending
Space startups secured $2.41 billion globally from April to June. Amid geopolitical tensions, SpaceX and Planet Labs remained crucial. Europe held steady, North America declined 50%. Shanghai Spacecom's $943 million investment marked China's largest deal. Seraphim Space deemed U.S. 2024 impact unclear. James Bruegger predicted better 2025 growth despite global issues. Quarterly growth persisted, overcoming high interest deterring prior investors.
PE, VC funding slows in first half of 2024; secondary deals become prominent
Secondary stake sales and buyouts are driving most of the larger deals being made by private equity (PE) and venture capital (VC) funds in new-age firms, data from investment banking firm DC Advisory showed. In the first six months of 2024, when 37 deals took place in the $50-500 million range, 62% were secondary transactions or buyouts, with external primary investment rounds making up only 13%.
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
IN-SPACe announces launch of pre-incubation programme for space startups
IN-SPACe launches pre-incubation entrepreneurship programme to support early-stage space startups, chaired by Pawan Goenka.
Women find their feet in India’s space sector
Saraniya Periaswamy and Umamaheswari K played instrumental roles in the successful debut of the world’s first rocket equipped with a 3D-printed engine by Agnikul Cosmos from Sriharikota. They oversaw the project from inception to launch, highlighting women's growing contributions to India's space sector. Agnikul aborted the mission four times in the past few months before witnessing success on May 30.
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Agnikul eyes launching satellites by 2025: CEO Srinath Ravichandran
Agnikul's first test flight of Agnibaan SOrTeD (suborbital technology demonstrator) on May 30, which lasted for 66 seconds, came after four unsuccessful attempts.
Agnikul eyes to launch satellites by 2025: CEO Ravichandran
"Nine to 12 months I would say. Probably by the end of this financial year or the early part of the next financial year is what we are targeting," Ravichandran said when asked about the commercial orbital launch of the Agnibaan rocket.
Now India can hope to have its own SpaceX and Blue Origin
Elon Musk's SpaceX and Jeff Bezos' Blue Origin lead the global space industry discourse. From reusable rockets to space tourism, these companies drive innovation in the space sector.
Agnikul test launches world’s first rocket with 3D printed engine
Agnikul official statement said, the vehicle was completely designed in-house and was powered by the world's first single piece 3D printed engine which is also India's first flight with a semicryo engine. The mission was successful after four failed attempts.
After four failed attempts, space startup Agnikul Cosmos carries out successful sub-orbital launch of Agnibaan rocket
Chennai-based space start-up Agnikul Cosmos achieved a significant milestone on Thursday by conducting a successful sub-orbital test-flight of its domestically manufactured 3D-printed semi-cryogenic rocket, named Agnibaan, from its launch pad at Sriharikota. This accomplishment marks Agnikul Cosmos as the second private entity in India to achieve such a feat, following in the footsteps of Skyroot Aerospace, which launched the Vikram S in November 2022.
Space startup Agnikul Cosmos calls off maiden rocket launch for a fourth time
India's Agnikul Cosmos delayed the Agnibaan rocket launch to test igniter performance. The rocket can carry 300 kg to orbits 700 km high. Skyroot launched India's first privately developed rocket in 2022 from ISRO's site.
India Accelerator launches vertical to focus on robotics, unmanned aerial systems
India Accelerator launches RUMS (Robotics, Unmanned & Space) to support startups in robotics and unmanned sectors. Lt. Gen Anil Chait, a former Indian Army veteran, leads RUMS to foster innovation and growth in defense and other critical industries.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
'Surname doesn't matter in today's India': PM Modi reaffirms providing right business environment for startups
"In today's India, one's surname doesn't matter. What matters is hard work. Your journey is truly inspiring, Deepinder Goyal! It motivates countless youngsters to pursue their entrepreneurial dreams. We are committed to providing the right environment for the startups to flourish," PM Modi wrote on X, sharing a video clip posted by Union Minister Hardeep Puri.
Spacetech startup GalaxEye tests SAR tech on NAL’s pseudo satellite
GalaxEye CEO Suyash Singh said that the company tested its synthetic aperture radar (SAR) technology on a subscale high altitude pseudo-satellite (HAPS) developed by the National Aerospace Laboratories (NAL).
Awfis sets Rs 364-383 price band for IPO
The company expects its differentiated business model, expanding presence in tier-1 and tier-2 cities and increasing demand from large enterprises and startups to help make its public listing a success and drive future growth, founder and managing director Amit Ramani told ET on the sidelines of a pre-IPO conference in Mumbai.
Awfis Space Solutions IPO price band fixed at Rs 364-383; offer to open on May 22
Awfis Space Solutions' IPO opens for subscription on May 22, with a price band of Rs 364-383 per share. The offering aims to raise between Rs 576-599 crore, valuing the company at Rs 2,659 crore.
Awfis IPO: Price band for Rs 599 crore public issue announced
Coworking space company, Awfis Space Solutions, will launch its initial public offering (IPO) on May 22, the company’s red herring prospectus showed.
Office-sharing startup Awfis to launch IPO on May 22
Delhi-based Awfis has reduced the fresh capital it is raising from the offering to Rs 128 crore from Rs 160 crore earlier. Meanwhile, the company's offer for sale component (OFS), through which investors like Peak XV Partners and private equity firm ChrysCapital are divesting their stakes, has been increased to 12.3 million shares from 10 million shares earlier.
First global showcase of deeptech startups by SanchiConnect in collaboration with ThinKuvate in Singapore
Deeptech startup enablement community SanchiConnect announced its upcoming delegation to Singapore for EchelonX and fundraising program designed for community startups.
Elon Musk’s xAI nears funding at $18 billion value soon as this week
The size of the round hasn’t been finalised, the people said, asking not to be identified as the information isn’t public. The maker of AI chatbot assistant Grok was set to raise $6 billion in the round, whose participants include Sequoia Capital, Bloomberg News has reported.
Tensions rise in Silicon Valley over sales of startup stocks
Tensions over the shadowy and often enigmatic market of private company stocks have reached a boiling point, just as the buying and selling of such shares has grown bigger than ever. At its center is an age-old debate: Should everyone have access to the riches and risks of investing in Silicon Valley startups?
Apple cofounder Wozniak's space startup Privateer buys Orbital Insight, raises $56.5 million
Privateer, founded in 2021 to help satellite operators navigate in Earth's increasingly crowded orbit, closed its Series A funding round in April, led by space-focused venture capital firm Aero X Ventures with other investors including Luxe Capital, Boca, Starburst, and the Winklevoss twins. The news is expected to be announced later on Monday.
KaleidEO joins select companies making imaging payloads
Bengaluru-based startup KaleidEO Space Systems, owned by SatSure Analytics India, has joined the ranks of a select few Indian private companies. They achieved this by independently designing, developing, and successfully testing a high-resolution optical earth observation payload from the ground up.
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
Sreeram Ananthasayanam, Partner, Deloitte India, said that the recent amendment of higher FDI limits in the space sector is a significant step towards transforming India's space program, in terms of infrastructure development.
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
The government's decision to ease FDI rules in the space sector is expected to attract foreign players, boost tech jobs, and foster innovation. The move enables 100% foreign investment in satellite components, supporting infrastructure development and creating new business opportunities.
Spacetech startup Digantara chosen for Australia-backed debris management project
Digantara, in collaboration with various partners, is part of the Maitri mission to manage space debris. The company aims to enhance space traffic management and monitoring of Resident Space Objects in Low Earth Orbit.
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