Alphabet Inc.’s Google has led a $36 million round of funding in Bengaluru-based spacetech startup, Pixxel in its maiden investment in India’s spacetech sector.
This follows Google chief executive Sundar Pichai saying at the Google For India 2022 event last December that the company will invest $300 million in homegrown startups.
With the latest Series B round, Pixxel has raised $68.3 million in total funding so far, including a $25 million Series A round in March 2022, and a $7.3 million seed round the year earlier. Accenture, the world’s largest technology services company, also made a strategic investment in Pixxel in August 2022, the size of which wasn’t disclosed.
The size of Google’s investment couldn’t be ascertained. Google didn’t respond to an email query.
Pixxel was the first Indian spacetech startup to raise funds from a global investor when Canada’s Radical Ventures led its Series A round.
Google’s investment is the third instance of an overseas entity investing in a homegrown space startup after Hyderabad-based Skyroot Aerospace raised $50.5 million from Singapore’s sovereign wealth fund GIC in September last year.
Bu hikaye Mint Mumbai dergisinin June 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin June 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Green steel may get a push with output, purchase mandates
The Centre is working on green steel mandates for the local steel industry, supported by government procurement and financial incentives, as the world's second-largest maker of the alloy seeks to prepare the sector for the future.
RBI action on personal loans, KYC takes toll on off-roll work
The Reserve Bank of India's (RBI) push for stricter compliance with know-your-customer (KYC) norms, and its crackdown on the surge in personal loans have had an unlikely fallout: a dip in demand for off-roll workers.
Investors are betting on a market melt-up
A roaring market rally since the U.S. presidential election has driven up the price of everything from shares of technology and manufacturing giants to cryptocurrencies.
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
