Masterstroke by Mukesh Ambani as Reliance to invest Rs 4300000000 in Bengaluru-based startup, it deals in..., name is...
In a significant decision which could provide a major boost to India's growing spacetech industry, Mukesh Ambani-led Reliance Industries is mulling to invest $50 million (about Rs 430 crore) in Digantara Research & Technologies, a Bengaluru-based spacetech startup, which is developing technology that can track objects in the Earth's orbit. How much is Mukesh Ambani Reliance Industries investing?
According to a report by The Economic Times, Reliance Industries, India's most valued domestic firm led by billionaire Mukesh Ambani, is in advanced discussions to lead a Rs 430 crore funding round in Digantara, along with existing investors like Peak XV Partners.
'Reliance has evaluated multiple startups in the spacetech segment. It is looking at companies building novel solutions in the sector. Its talks with Digantara are at an advanced stage,' the report quoted a source familiar with the matter as saying. What does Digintara do?
Co-founded by Anirudh Sharma (CEO), Rahul Rawat (COO), and Tanveer Ahmed (CTO), Digintara is a spacetech startup based in Bengaluru, working on the development of technologies which can track bjects in Earth's orbit. Earlier, in March, Digintara launched a satellite capable of tracking debris as small as 5 cm, and is currently providing services to defence agencies in both India and the United States, as per the report.
According to the report, Digintara plans to deploy a constellation of about a dozen surveillance satellites by the end of 2026. The company has launched three satellites so far, one of which is part of the proposed satellite constellation. A major chunk of the upcoming funding round will be dedicated in developing and launching these satellites.
'Given the volatility in global geopolitics, every country is focused on having its own indigenous sovereign solutions that can be controlled in times of crisis. That's where the opportunity lies for startups like Digantara,' the report quoted a source as saying.
The company established a manufacturing and operations facility in the US in February 2024, and expects to earn a revenue of $25–30 million (Rs 220–260 crore) from its US operation in the next 2-3 years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
17 minutes ago
- New Indian Express
Tunnel Road bidders want B-Smile to clear dust and debris
BENGALURU: Big companies showing interest in Bengaluru's Twin Tunnel Road project, have asked Bengaluru Smart Infrastructure Limited (B-SMILE) to take up the responsibility of clearing silt and soil after boring, but the civic body has shot down the proposal. It said the company bagging the tender will have an investment share of 60% under the Build-Own-Operate and Transfer (BOOT) model and will have to deal with it, and the government will only facilitate it. The 16.75-km tunnel road will take away 40 per cent of traffic from surface roads once completed, says BS Prahallad, Director, B-SMILE. The agencies which took part in the meeting, asked the civic body to extend the technical bid meeting scheduled for September 3. According to Prahallad, the land required for the project is very little, as most of the work is underground, and such projects have already been done in Mumbai, where a 4.5-km tunnel road was built. 'We already have Rs 800 crore, which will be used as compensation for land acquisition, and the team is involved in correspondence between the Ministry of Defence and Government of India, as permission will be required to drill a tunnel below their land,' he said. While the issue of transporting soil and silt from the tunnel has just begun to crop up, geologists and environmentalists argue that the absence of a plan to move silt and soil may lead to an increase in pollution, as dust particles may get mixed with air during summer, while during the monsoon, the dumped soil will turn into sludge and may run into fields and roads if dumping sites are not identified and handled well. 'There are guidelines for transporting soil and silt. It has to be done in an enclosed system. Before the excavation or boring, a study will have to be conducted to know the weak and strong areas, and corrective measures will have to be taken,' said Professor D Parameshwar Naik, department of Environmental Science, Bengaluru University.
Mint
17 minutes ago
- Mint
Rupee likely to rise after central bank rattles short NDF bets
MUMBAI, Aug 8 (Reuters) - The Indian rupee is poised to appreciate at open on Friday after traders unwound short positions in the non-deliverable forward (NDF) market, following the central bank's firm defence of a key level. The 1-month non-deliverable forward indicated the rupee will open in the 87.48 to 87.52 range versus the U.S. dollar, higher than 87.7025 on Thursday. The Indian currency had rallied in the NDF market after local trading closed at 3:30 p.m. IST. The 1-month USD/INR NDF dropped nearly 30 paisa within half an hour and largely held that decline through the U.S. trading session. During Thursday's onshore session, the currency traded in a narrow range and posted a modest advance despite additional U.S. tariffs on Indian goods announced by President Donald Trump. A currency trader at a private sector bank said the Reserve Bank of India may have played a role in the rupee's muted reaction to the news. The RBI has been active in the NDF market, and has made it evident that they do not want a new high in USD/INR, at least for now, the trader said, referring to the 87.95 level. The RBI's defence of that threshold, along with a recovery in Indian equities, likely triggered a "mini rush" to unwind long USD/INR positions, a Singapore-based portfolio manager at a hedge fund said. "Weak hands probably decided to exit," the person said. India's equity indices wiped intraday losses to finish flat on Thursday. The announcement of a U.S.-Russia presidential meeting may have been a possible driver of the late-session recovery, analysts said. While Indian equities recovered, foreign investors were net sellers on Thursday, offloading around $600 million worth of shares, according to preliminary exchange data. Meanwhile, the rupee's Asian peers were slightly lower on the day, while the dollar index was little changed and on track for a weekly decline. ** One-month non-deliverable rupee forward at 87.59; onshore one-month forward premium at 10.75 paise ** Brent crude futures flat at $66.4 per barrel ** Ten-year U.S. note yield at 4.25% ** As per NSDL data, foreign investors sold a net $501.5mln worth of Indian shares on Aug. 6 ** NSDL data shows foreign investors bought a net $38mln worth of Indian bonds on Aug. 6 (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)
Hindustan Times
17 minutes ago
- Hindustan Times
Delhi HC refuses to grant producer Kumar Mangat Pathak relief in financial fraud case related to Ajay Devgn's Drishyam 2
Producer Kumar Mangat Pathak has failed to get any relief from the Delhi High Court in a case of financial fraud against him, linked to the overseas rights of the Ajay Devgn film Drishyam 2. The court disposed of the plea filed by Pathak on Thursday. Ajay Devgn-starrer Drishyam 2 was produced by Kumar Mangat Pathak and directed by his son Abhishek Pathak (R). What is the allegation? The case concerns allegations of a ₹4.3 crore fraud involving the Chinese-language distribution rights of the film across China, Hong Kong, and Taiwan. The FIR, which was filed in June 2025, accuses Pathak, Bharat Sevak, and others of conspiracy, document forgery, and misrepresentation of rights. The Delhi High Court has disposed of a plea filed by Kumar Mangat Pathak, seeking to quash the criminal proceedings initiated against him concerning the financial fraud case related to Pathak, Director of M/s Panorama Studios, which produced the film, approached the court to quash the FIR registered by the Economic Offences Wing (EOW), contending that the matter was purely commercial in nature and had been wrongly criminalised. His legal team argued that he had already cooperated with the investigation and was exploring parallel legal remedies. The court quashes Pathak's petition However, Justice Neena Krishna Bansal refused to keep the petition pending or grant any interim protection. The court observed that the investigation is still in its early stages, and noted that since the petitioner had already joined the probe, no interference was warranted at this point. The Drishyam 2 fraud case A Delhi-based businessman had alleged that he was misled into investing ₹4.3 crore in the Ajay Devgn film based on forged documents. He claimed he was promised exclusive Chinese distribution rights for Drishyam 2 through a deal presented by Bharat Sevak, who introduced himself as an authorised representative of Panorama Studios Sevak claimed to have transferred ₹15.75 crore out of a total transaction value of ₹16.40 crore, Panorama Studios has denied receiving the funds Pathak submitted evidence stating that any authorisation given to Sevak was limited, and had expired well before the alleged agreement. Panorama Studios had issued a public notice, warning third parties against unauthorised claims made by Sevak. About Drishyam 2 Released in 2022, Drishyam 2 was directed by Abhishek Pathak, Kumar Mangat's son, and is a remake of Mohanlal's Malyalam film of the same name. The film starred Ajay Devgn, Akshaye Khanna, Tabu, Shriya Saran, Ishita Dutta, Mrunal Jadhav, and Rajat Kapoor. It was a big box office success, earning over ₹340 crore on a ₹70-crore budget. (With ANI inputs)
