Spacetech Startup Digantara Bags $1.88 million in Extended Series A Funding
Notable spacetech startup Digantara, with their extraordinary skill and quality grabbed Rs. 15.54 crore or $1.88 million in an extended Series A funding led by Naman Finance And Investment Private Limited (NFAI) with the participation of SIDBI Venture Capital. Amidst the crowd of notable spacetech startups, diganatra has marked their excellence, is making headlines with its recent financial milestone. After the round of fund raising, the valuation of the company stood at Rs. 590 crore or $71 million.
The company was founded in December 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed digantara has emerged as a pioneer in the realm of space situational awareness (SSA). According to statement of Digantara, a staggering 96% of the 1 million objects currently orbiting Earth remain untracked, posing a significant threat to spacecraft. Using the technologies with multi-modal data pool, Digantara aims to shed light on these hidden dangers, ensuring the safety of future space missions.
As per the company’s regulatory filings with the Registrar of Companies, the board at 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 to raise Rs. 15.54 crore.
As per the report of startup intelligence platform TheKredible, Digantara has been valued at around Rs. 590 crore or $71 million (post-money), which is roughly 2X of the valuation from the previous funding round. The issuance of 20 equity shares and 622 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs. 2,42,122 per share has not only boosted the company's financial resources but also its market standing. With NFAI acquiring a 1.41% stake and SIDBI Venture Capital holding a 1.23% stake, Digantara's journey towards revolutionizing space operations is more promising than ever.
Previous year, the company marked its presence in Singapore and commenced the development of India's first commercial SSA optical observatory in Uttarakhand. This observatory is poised to enhance India's space and SSA capabilities significantly. Despite these advancements, Digantara reported a revenue of Rs. 2.37 lakh and losses amounting to Rs. 3.54 crore for the fiscal year ending March 2023, highlighting the challenges that still lie ahead.
Till now, Digantara has raised $14.4 million in funding across three rounds. They have secured, $10 million in a series A1 round led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital, in June 2023.
In the last fiscal year, which ended on March 2023, the spacetech firm recorded Rs. 2.37 lakh revenue from operations whereas its losses stood at Rs. 3.54 crore. The startup’s notable competitors are Agnikul Cosmos, Skyroot Aerospace, ,Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity.
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The company was founded in December 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed digantara has emerged as a pioneer in the realm of space situational awareness (SSA). According to statement of Digantara, a staggering 96% of the 1 million objects currently orbiting Earth remain untracked, posing a significant threat to spacecraft. Using the technologies with multi-modal data pool, Digantara aims to shed light on these hidden dangers, ensuring the safety of future space missions.
As per the company’s regulatory filings with the Registrar of Companies, the board at 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 to raise Rs. 15.54 crore.
As per the report of startup intelligence platform TheKredible, Digantara has been valued at around Rs. 590 crore or $71 million (post-money), which is roughly 2X of the valuation from the previous funding round. The issuance of 20 equity shares and 622 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs. 2,42,122 per share has not only boosted the company's financial resources but also its market standing. With NFAI acquiring a 1.41% stake and SIDBI Venture Capital holding a 1.23% stake, Digantara's journey towards revolutionizing space operations is more promising than ever.
Previous year, the company marked its presence in Singapore and commenced the development of India's first commercial SSA optical observatory in Uttarakhand. This observatory is poised to enhance India's space and SSA capabilities significantly. Despite these advancements, Digantara reported a revenue of Rs. 2.37 lakh and losses amounting to Rs. 3.54 crore for the fiscal year ending March 2023, highlighting the challenges that still lie ahead.
Till now, Digantara has raised $14.4 million in funding across three rounds. They have secured, $10 million in a series A1 round led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital, in June 2023.
In the last fiscal year, which ended on March 2023, the spacetech firm recorded Rs. 2.37 lakh revenue from operations whereas its losses stood at Rs. 3.54 crore. The startup’s notable competitors are Agnikul Cosmos, Skyroot Aerospace, ,Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity.
