Insider Brief:
- Digantara has secured $2 million in additional funding, bringing the total amount raised in the company’s Series A round to $12 million.
- The Bengaluru-based space tech startup had previously raised $10 million in a series A1 round.
- The funding round coincided with The Indian Space Policy 2023 which has facilitated greater involvement of private entities in the country’s space activities.
Digantara, a Bengaluru-based space technology startup, announced the successful closure of its Series A funding round, with an additional $2 million infusion from Aditya Birla Ventures and the Small Industries Development Bank of India (SIDBI) Venture Capital (SVCL). This latest investment brings the total funding secured in the Series A round to $12 million.
Specializing in the space situational awareness (SSA) segment, Digantara had previously raised $10 million in a series A1 round, supported by Peak XV Ventures. The company expressed its gratitude towards SVCL, stating that the transaction process outlined in the definitive agreements is underway.
The timing of this funding round is significant, coinciding with a period of favourable regulatory developments within India’s space technology sector. The Indian Space Policy 2023 has facilitated greater involvement of private entities in the country’s space activities. Furthermore, recent announcements regarding the relaxation of foreign direct investment (FDI) norms in the space sector have further encouraged growth and innovation within the industry.
For more market insights, check out our latest space industry news here.
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