VestaSpace Technology has focused on providing small and medium businesses with access to satellites, has raised $10 million (approximately Rs 75.86 crore at current exchange rates) in funding.
VestaSpace has raised this funding from Next Capital, US-based investment management and advisory services firm. The Pune-based company will use the funds to enhance its technological infrastructure and scale up its operations.
Arun Kumar Sureban, founder at VestaSpace, says, “VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India.”
Sureban, who is an alumnus of the University of Southern California, has been associated with companies including i-Logicon Control Automation, according to his LinkedIn profile.
VestaSpace was set up by Sureban in 2018. The company says it helps startups and mid-sized businesses to access the benefits of small satellites, satellite communication, sensors and connected devices.
The company has been working with institutions including the Indian Space Research Organisation and is firming up global expansion plans.
The investment in the firm is indicative of the growing interest in space-tech startups. While marquee names such as Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin have captured public attention, several smaller outfits have also attracted investor attention for their product approaches and technological portfolio.
Other investors in the round included actor Deepika Padukone, GrowX Ventures, CIIE (an incubator of IIM-Ahmedabad) and SINE (an IIT-Bombay incubator).
