Temasek To Lead $100 Million Funding Round in Pixxel: Report
Temasek’s reported bet on Pixxel shows how India’s private space economy is moving from launch-day spectacle to serious investor business.
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Singapore state investor Temasek is leading a $100 million funding round in Indian space-tech startup Pixxel, Mint reported, citing two people familiar with the matter.
The round is expected to value Pixxel at $350 million to $400 million, the report said.
Temasek is likely to invest more than $50 million, while existing investors, including GIC, are expected to participate. The transaction is expected to include both primary and secondary capital.
Temasek declined to comment, while GIC and Pixxel did not respond to queries.
Pixxel, founded in 2019 by BITS Pilani graduates Awais Ahmed and Kshitij Khandelwal, builds and operates hyperspectral imaging satellites used to track changes across land, oceans and the atmosphere.
Its data supports customers in sectors including agriculture, energy, environment, mining and government.
The reported funding comes as Indian space-tech startups draw larger cheques from investors.
Skyroot Aerospace raised $60 million in May from investors including GIC, Sherpalo Ventures and BlackRock, while Digantara raised $50 million in April from SBI Investment, 360 ONE Asset and others.
Pixxel has been expanding its satellite and analytics business. Financial Express reported in April that the company planned to raise manufacturing capacity from 20 to 25 satellites at a time to as many as 100 over the next year
