Latest news with #Pixxel
Entrepreneur
19-05-2025
- Business
- Entrepreneur
growX Ventures Scores 17x Return on Pixxel Partial Exit
The fund has backed 17 B2B startups, including Bellatrix Aerospace, Progcap, Zuddl, CynLr, Lightspeed Photonics, and 4baseCare, and remains significantly invested in the next wave of deeptech innovation. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. growX Ventures Fund, an early-stage B2B-focused venture capital fund, has announced a partial exit from Pixxel, the hyperspectral imaging spacetech startup, netting a stellar 17x return on invested capital and a 68% IRR over 5.5 years. The milestone validates growX's early conviction in deeptech at a time when India's private space sector was largely untested. The investment dates back to 2019, when Pixxel was just an audacious idea. growX Ventures Fund was the first institutional investor to back the Bengaluru-based company, betting on its long-term vision to build a full-stack SpaceTech business. "When we invested in Pixxel in 2019, there was no playbook for DeepTech in India—no exits, no benchmarks, and certainly no roadmap for building a full-stack SpaceTech company," said Sheetal Bahl, Partner at growX Ventures Fund and Merak Ventures. "But the idea was audacious, and the clarity was unmistakable—from a 2050 vision to the first 50 hires already mapped out. Watching that conviction translate into real outcomes is deeply meaningful." Since then, Pixxel has raised USD 95 million across nine funding rounds, with backers including GIC, Google, Radical Ventures, and Seraphim. The company's hyperspectral imaging satellites are currently being piloted across agriculture, mining, energy, and environmental sectors, with full-scale commercial deployment expected once its mini-constellation of six satellites goes live later this year. "For an early-stage fund, translating bold, pioneering bets into realised returns is a powerful validation," said Manu Rikhye, Partner at growX Ventures Fund I and Merak Ventures. "This partial exit allows us to return capital while continuing to stay meaningfully invested in Pixxel's long-term growth." This marks the first liquidity event for growX Fund I, a USD 25 million vehicle launched in 2019. The fund has backed 17 B2B startups, including Bellatrix Aerospace, Progcap, Zuddl, CynLr, Lightspeed Photonics, and 4baseCare, and remains significantly invested in the next wave of deeptech innovation.
Mint
19-05-2025
- Business
- Mint
GrowX reaps a bonanza from space-tech firm Pixxel
MUMBAI : GrowX Ventures Fund, an early-stage B2B-focused venture capital firm, partially exited its stake in space-tech startup Pixxel, delivering a 17x return, a top executive said. Existing investors, including Athera Venture Partners and Sparta, bought growX's stake in a secondary transaction last month, the executive added. 'We have part exited post the series B round, and most of the shares were bought by Athera and Sparta alongside an undisclosed third investor. We continue to hold more than 75% of our stake in Pixxel as we believe that the company will grow rapidly over the next few years," said Sheetal Bahl, partner at growX Ventures Fund and Merak Ventures. Also Read: Groww plans confidential IPO filing within two weeks The transaction has generated a 17x multiple on invested capital (MOIC) and a 68% internal rate of return (IRR) over 5 years. With this exit, growX will return about 15% of the fund to the limited partners. The venture capital firm has invested about ₹11 crore across multiple tranches in Pixxel since 2019. Strategic positioning This also marks the first liquidity event for growX Fund I, a $25-million ( ₹162 crore in 2018) early-stage fund, which has backed 17 B2B technology startups across sectors like deeptech, fintech, SaaS, and healthtech. Its portfolio includes companies such as Bellatrix Aerospace, Progcap, Zuddl, CynLr, Lightspeed Photonics, and 4baseCare. This development comes a few months after Pixxel raised about $24 million in an extended series B funding round in December from new investors such as M&G Catalyst and Glade Brook Capital Partners. Some of their other investors include Google, Radical Ventures, Lightspeed, and others. Bahl explained that the part exit was made to strike a balance between the company's future growth opportunities and its ability to demonstrate some exit capability. 'Over the course of this year, we anticipate a few more exits," he added. Also Read: Peak XV Partners nets over ₹1,200 crore after exiting stake in Porter, clocking 11-fold return Bahl's partner Manu Rikhye added that the fund has begun to scout for exit opportunities to show some liquidity and looks to take part exits in a few of its other assets as well. 'Pixxel's part exit was primarily in line with this strategy. This is a post-series B, pre-series C kind of opportunity that came to us with an attractive price." Investor expectations Broadly, several investors have taken to exits more proactively in the last 12-18 months as limited partners, who are investors in venture capital and private equity funds, seek some liquidity. 'While we believe in the long-term potential of Pixxel, we also wanted to demonstrate to our investors that these are real multiples," Rikhye said. Bahl added that many investors believe that these assets are only on paper as they have not seen the returns in real terms. 'One of the biggest points of contention that global LPs have with Indian funds is that they are not returning money although paper returns look great which is also one of the reasons, we have taken a small part of our shareholding from Pixxel," he said, adding that more funds are paying attention to this aspect. Meanwhile, growX used to operate as an angel syndicate before it launched its first fund in 2019, by raising capital from friends and family to invest in early-stage B2B startups in India. Some of growX's exits as an angel syndicate include Locus Logistics (acquired by GIC), Quandl (Nasdaq), AdSparx (Discovery), FortunePay (Ezetap) and Fynd (Reliance Industries). An angel syndicate is a group of angel investors who come together to invest in a startup. Also Read: VC fundraising wave gains momentum as dealmaking rebounds, but caution prevails In 2022, Bahl and Rikhye launched Merak Ventures with a $100 million maiden fund with the same investment thesis. To be clear, the two partners who previously managed growX Ventures' $25-million early-stage fund will continue to handle only the operations for Fund I. The growX brand is separate, and Rikhye and Bahl will have no role to play in any funds raised in future. Key takeaways
Mint
06-05-2025
- Business
- Mint
No imminent change to foreign investment strategy in space: In-Space's Pawan Goenka
Mumbai: The Centre does not intend to alter its foreign direct investment (FDI) strategy in the space sector, said Pawan Goenka, chairman of the Department of Space-affiliated regulatory body for the space industry, Indian National Space Promotion and Authorization Centre (In-Space), on Monday. Based on the Union government's amended space FDI policy from February last year, India allows foreign investors to acquire up to 49% of a domestic space company that operates at the most critical sensitivity level without needing government approval. While the move enabled foreign funds to officially invest in India's space startups, various parties have highlighted that the limited funding structure could hamper large funding rounds in the space industry. 'We don't have any plan in the short term to change the FDI policy in space. We'll continue to observe this industry, and our goal is to balance the industry between foreign investments and the prospects for domestic firms. We don't want India's domestic space ventures to be completely dependent on foreign investments, which is why a 49% cap has been put on direct investments in the space sector,' Goenka said. The top executive said the government 'has not received inputs from any stakeholder' that a larger FDI quantum should be made accessible to foreign investors, as of now. 'We want the majority stake in space ventures to be with the domestic founders in the most critical ventures in the interest of security and defence, while up to 100% foreign investments are directly permitted in the space industry for non-critical application makers and other startups,' he said. Foreign capital is critical for the space sector to grow, as the worldwide space market has highlighted over the past decades. Elon Musk-backed private space startup SpaceX, currently the most successful in terms of funding, valuation and frequency of launches, is valued at $350 billion—with over $11 billion raised in private capital during its lifespan. Indian space startups, on this note, are yet to hit unicorn status. Hyderabad-headquartered Skyroot Aerospace and Bengaluru-headquartered Pixxel are the most-funded in India, having raised $95 million each to date. For both, funding rounds have been led by global firms—Singapore's Temasek for Skyroot, and the US' Google for Pixxel, among others. India's sole global-scale space startup acquisition also took place last month, when US-based biotechnology firm Helogen Corp. acquired Tamil Nadu-based Vellon Space on 30 April for an undisclosed amount. This underlines the importance of foreign funds in a market that currently retains a minuscule fraction of the global space market—with Goenka estimating India's space industry to be worth $10-12 billion at the moment. Industry veterans underlined that this is a crucial challenge. 'The key challenge for India's space sector lies in the fact that, beyond a handful of star startups, most others have not attracted funding at scale. Protecting domestic companies and their innovation is a major factor behind limiting automatic FDI in the most critical space sub-sectors. Still, if protecting core patents or large business orders was the key goal, then by now, large domestic conglomerates would have invested in space startups,' said Chaitanya Giri, space fellow at global think tank Observer Research Foundation (ORF). Giri added that despite a 'protectionist FDI, domestic investors have not come ahead. Whether it is a lack of awareness of the overvaluation of our startups can be debated.' Goenka, however, said the Centre is investing in giving Indian space firms access to capital, even apart from global investors. 'We have operationalized the $120 million venture capital (VC) fund—through which we will start funding startups as soon as the next quarter. For us to reach the goal of a $44 billion space economy by 2033, a net investment of $22 billion will be required. A part of this will be through the Indian Space Research Organisation (Isro), alongside $2.5 billion or more through foreign investors. A lot of this will be through domestic firms such as the Tata group and Larsen & Toubro, who are already investing in the space sector,' he said. The VC fund, which was announced during the first of two interim budgets by the Centre last year, received its first fund manager in Sidbi Ventures on 21 March. Goenka affirmed that it will roll out its first funding 'by the next quarter, with an average ticket size of $8-10 million.' ORF's Giri said that a bigger factor apart from FDI stalling large investments in India is the structure of the startup economy today. 'The Indian space sector should consider looking at non-US space business models and creating one of its own. More than the valuation game, the Indian commercial space sector should consider playing the revenue and business orders game,' he said. Closely scrutinizing the European business model, now that they are exploring the potential of their autonomy, and that of Africa, South-East Asia and the Middle East, will give Indian space companies greater revenue to chase and innovation to follow—it does not have to emulate the US style of space commerce, Giri added. Goenka, however, was optimistic. The executive underlined that formal guidelines for approving large-ticket space funding efforts from abroad through FDI are 'soon to be approved in the coming months.' Adding up all initiatives, Goenka further said that the Centre has earmarked a net quantum of nearly $480 million to be rolled out over around five years for activities such as setting up space manufacturing hubs in Tamil Nadu, Gujarat, and others, as well as ramping up demand from inter-ministerial agencies in fields such as agriculture, disaster management and more. First Published: 6 May 2025, 02:04 PM IST
India Today
01-05-2025
- Business
- India Today
Emerging job opportunities in aerospace and the future of space exploration in India
India's space ecosystem is undergoing a significant transformation. No longer solely driven by ISRO or NASA-style government initiatives, the future of space exploration now includes a wave of startups, private companies, and global collaborations. This shift is enhancing India's space capabilities and creating diverse and exciting career space economy, valued at around $8–9 billion, is projected to grow to $44 billion within the next decade. This remarkable surge is propelled by progressive government policies, the emergence of IN-SPACe as a regulatory facilitator, and the participation of over 190 private space startups. As a result, the aerospace sector has become one of the most promising frontiers for young professionals, researchers, and entrepreneurs. India is rapidly becoming a major player in the global space industry. From ISRO to private space startups, the aerospace sector is opening up exciting career paths for the next generation. All you need to know from the expert Nidheesh Saxena, Senior Professional in the Education CAREER DOMAINS 1. SATELLITE TECHNOLOGY AND MANUFACTURINGSatellites are fundamental to communication, navigation, and Earth observation. Career opportunities range from payload engineers and system designers to satellite assembly specialists. Startups like Dhruva Space and Pixxel are pioneering private satellite missions in India, hiring for roles in systems engineering, software development, and RF communications.2. LAUNCH VEHICLE DEVELOPMENTThe success of private rockets like Skyroot Aerospace's Vikram-S and Agnikul Cosmos' 3D-printed Agnibaan has opened the field to new-age propulsion engineers, structural designers, avionics specialists, and more. These roles demand expertise in fluid dynamics, materials science, GNC systems, and cryogenics.3. SPACE R&D AND EXPLORATIONBeyond hardware, research opportunities abound in astrophysics, space medicine, AI for space applications, and materials science. Organizations like ISRO's PRL and VSSC, as well as institutes like IIA and IIST, are nurturing talent in areas related to planetary exploration and deep-space EARTH OBSERVATION AND REMOTE SENSINGCareers in this field combine data analytics and environmental science. Positions include GIS analysts, remote sensing engineers, and satellite data scientists. Skills in geospatial software, image processing, and machine learning are increasingly sought after by companies like Pixxel and Kawa Space.5. SPACE LAW AND POLICYAs private participation grows, legal and regulatory expertise is in demand. Careers include policy analysts, compliance officers, and legal advisors dealing with space treaties, licensing, and debris management. Institutions like NALSAR and regulatory bodies like IN-SPACe are shaping the next generation of space law professionals.6. PRIVATE SECTOR AND STARTUPSStartups now need not just engineers, but also business developers, product managers, marketing strategists, and UI/UX designers. Roles in operations, fundraising, and customer outreach are crucial for companies like Skyroot, Agnikul, Dhruva, and Pixxel to SUPPORT AND EDUCATION PATHWAYSTo sustain this momentum, the Indian government has launched initiatives like ISRO's YUVIKA program for school students, space internships, and the RESPOND program for academic collaborations. Funding support via IN-SPACe includes technology development and venture capital funds, encouraging entrepreneurship among engineers and is equally vital. Aspirants can pursue degrees in Aerospace, Mechanical, or Electronics Engineering, Physics, AI/ML, or even Space Law. Institutions like IIST offer direct pathways to ISRO roles, while online platforms such as NPTEL and ISRO-IIRS provide certified space-related courses accessible to addition to technical skills—CAD, MATLAB, C++, GIS tools—interdisciplinary and soft skills like communication, teamwork, and systems thinking are essential for thriving in cross-functional aerospace FUTURE IS NOWAs India gears up for ambitious missions like Gaganyaan, Chandrayaan-4, and a space station by 2030, the country's space journey is poised for global impact. The rise of private players, international collaborations, and a growing talent pipeline indicate that the final frontier is now a legitimate career destination for Indian you're passionate about rocket engines, satellite data, or shaping space law—this is the moment to prepare, participate, and launch your journey into the stars. With the right skills and mindset, your space career could help define India's next leap beyond Earth's atmosphere.
Time of India
23-04-2025
- Business
- Time of India
The business of space- Why Indian spacetech startups are betting big on Dubai
India's private space sector is no longer just aiming for the stars—it's moving fast, fueled by ambitious startups like Skyroot, Pixxel, and Agnikul that are reshaping how the country approaches space innovation. As these companies eye global markets, advanced infrastructure, and significant scale, the key question is no longer if they should expand internationally—but where to establish their next stronghold. Traditional tech hubs may still command attention, but a new force is emerging in the spacetech landscape—Dubai, steadily positioning itself as the next global launchpad. The Emirate is emerging as a serious player in space business, with a growing ecosystem that's beginning to attract attention from Indian spacetech founders seeking the next big leap. Dubai presents a potential avenue for global collaboration and accelerated growth that warrants a closer look. Why Global investors are eyeing Economic Zones for space commerce? Dubai's vision to become a global leader in space is anchored in its National Space Strategy 2030, which outlines goals in scientific research, technology advancement, and a thriving commercial space sector. A key part of this is the Space Economic Zone Program by the UAE Space Agency, aimed at attracting and supporting foreign startups and SMEs. These zones offer 100% foreign ownership, streamlined business setup, access to world-class infrastructure, dedicated workspaces, and incubation and acceleration services, making them highly appealing to global space-tech companies. The strategy positions Dubai as a hub for space commerce by tapping into international talent and capital. The Mohammed bin Rashid Space Centre (MBRSC), founded in 2006, plays a central role in this vision. It led the Emirates Mars Mission (Hope Probe), the Arab world's first interplanetary mission, and oversees the satellite initiatives and Astronaut Program, highlighting the nation's growing capabilities in space. How is Dubai positioning itself in the spacetech market? Dubai is strategically positioning itself as a global hub in the space economy through targeted initiatives. While direct mentions of hosting events like the International Astronautical Congress or World Space Forum are limited, Dubai's broader commitment to international engagement signals active participation in such forums to foster global collaboration. A critical pillar of this strategy is Dubai's adaptive regulatory environment. As Khalfan Belhoul, CEO of the Dubai Future Foundation, explained, 'Innovation requires an adaptive framework, such as regulatory labs and sandbox systems, to foster technological progress while ensuring safety. These systems and initiatives bring policymakers, entrepreneurs, and stakeholders together to collaborate and refine solutions,' stressing the importance of fostering ecosystems that accelerate innovation while maintaining safety and scalability. The Emirate also emphasises the importance of public-private partnerships, creating a business-friendly environment that encourages global players, including potential collaborations with companies like SpaceX and Blue Origin, to explore opportunities within the UAE's expanding space ecosystem. Companies like ST Advanced Composites provide key strategic advantages to Dubai and UAE-based space businesses through their specialised expertise in crucial lightweight and durable composite materials, enabling enhanced mission performance. Dr. Devendran Thirunavukarasu, Founder, ST Advanced Composites, highlights:'The utilisation of lightweight composite materials is revolutionising satellite launches by significantly reducing overall weight. This directly translates to improved launch efficiency, allowing for greater payload capacity and decreased fuel consumption – ultimately making more ambitious space missions economically feasible.' Government-backed initiatives such as Space Economic Zones and the National Space Fund reinforce Dubai's ambition, offering incentives, streamlined processes, and financial support to attract global space-tech ventures and foster cross-border innovation. What's in it for Indian spacetech startups? For Indian space-tech startups exploring global expansion, Dubai offers a strategic gateway. Initiatives like the National Space Fund provide financial support to both Emirati and international companies, while world-class accelerators—potentially within Dubai Internet City and other free zones—offer mentorship, networking, and funding access. With 100% foreign ownership and streamlined setup processes in many zones, Dubai creates a highly business-friendly environment. Thirunavukarasu mentioned, 'Collaborating with Dubai-based entities offers a range of exciting opportunities for expanding technologies into new frontiers like lunar or Mars missions. The strategic geographic location acts as a crucial hub for international space collaboration, complemented by state-of-the-art infrastructure like the Mohammed Bin Rashid Space Centre (MBRSC)." He further added, "The government's strong commitment to space exploration, evidenced by the UAE Space Strategy 2030 and the Mars 2117 Vision, provides a robust framework for partnerships. This governmental backing, coupled with access to potential funding and policy support, can significantly accelerate the deployment and innovation of technologies for deep space exploration. Collaborations with universities and research institutions also open avenues for joint R&D in critical areas like robotics and sustainable life-support systems, while the unique desert environment offers a valuable testing ground for technologies intended for harsh extraterrestrial conditions." This supportive environment is further emphasised by Anna Hazlett, CEO at AzurX, a firm dedicated to attracting space tech companies to the UAE, who stated, "AzurX has actively worked to attract and support space and satellite technology companies, along with research and development (R&D), to the UAE since 2019. A flourishing UAE space sector, encompassing a vibrant startup and venture ecosystem, offers numerous strategic, economic, and diplomatic advantages... enabling the expansion of the private space ecosystem in the UAE." Its geographic and cultural proximity to India makes the transition smoother, while its advanced infrastructure serves as an ideal base for testing, mission control, and manufacturing. The UAE's active push for collaborations in satellite technology and knowledge-sharing, along with success stories of Indian ventures already operating in the region, cements Dubai's position as a promising launchpad for India's spacetech ambitions. What's next – Future prospects and bilateral growth The UAE's space economy, guided by its National Space Strategy 2030, is rapidly expanding, creating timely opportunities for Indian startups. India and the UAE already share a solid foundation in space collaboration, with ISRO and the UAE Space Agency partnering on satellite launches and space exploration. There's growing scope for joint ventures in Earth observation, navigation, and interplanetary missions. For Indian startups, an early presence in Dubai offers a first-mover edge, access to futuristic infrastructure, and entry into global markets. This is particularly true for companies specialising in advanced materials, a critical area for the future of space technology. Thirunavukarasu highlights the transformative role of their materials, stating that,"Advanced composites, such as carbon fibre reinforced polymers, are significantly lighter than traditional metals. This weight-saving translates into reduced launch costs, allowing for more payload capacity and improving the efficiency of spacecraft design. The success of companies like SatSure, Dhruva Space, and ST Advanced Composites in India—and their growing presence in the UAE—shows the real potential of these technologies in new markets. As Dubai cements its position in the global space economy, Indian space-tech startups with expertise in areas like advanced composites have a clear path to scale, collaborate, and lead on the international stage.
