Spacetech Startup SatSure Raises $15 Mn In Series A For Global Expansion

Spacetch Startup SatSure Raises $15 Mn In Series A For Global Expansion

SUMMARY

The funding round, which was a mix of equity and debt, was led by Baring Private Equity Partners India and Promus Ventures

SatSure plans to use the fresh funds to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions

The Bengaluru-based spacetech startup uses satellite data to offer ‘decision intelligence’ across BFSI, agriculture, and infrastructure sectors

Spacetech startup SatSure on Tuesday (August 29) said it has raised $15 Mn in its Series A round, which was a mix of equity and debt.

The funding round was led by Baring Private Equity Partners India and Promus Ventures. It also saw participation from Omidyar Network India and xto10x, along with existing investors Force Ventures, Luckbox Ventures, and IndigoEdge Advisors, the startup said in a statement.

SatSure plans to use the fresh funds to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions.

Founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, the Bengaluru-based spacetech startup uses satellite data to offer ‘decision intelligence’ across BFSI, agriculture, and infrastructure sectors.

Commenting on the fundraise, SatSure founder and CEO Basu said, “We are committed to expand our outreach, invest in low-earth orbit satellite assets, and continue developing innovative products that signifies the rise of the India private space sector and its deep rooted alignment to our national space program.”

In February, SatSure bagged an undisclosed amount of strategic investment from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd. Around the same time last year, the spacetech startup raised $5 Mn in its Pre-Series A round from Baring Private Equity India, Flowstate VC, Force Ventures, among others.

With the Indian government opening up the space sector for private players, a number of spacetech startups have mushroomed in the country. Pixxel, Skyroot, Digantara are among the other major spacetech startups in the country.

According to data compiled by Inc42, the Indian spacetech sector raised approximately $205 Mn in funding across 30+ deals between 2014 and July 2023.

Earlier this year,Digantara raised $10 Mn in its Series A1 round led by Peak XV Partners.

SatSure’s announcement of the fundraise comes days after the successful landing of ISRO’s Chandrayaan-3 on the moon, which is expected to create more opportunities for the country’s spacetech startups.

Global tech giants are also eyeing the Indian spacetech industry. Earlier this year, Microsoft joined hands with ISRO to fuel the growth of spacetech startups in India.