Spacetech startup XDLINX Space Labs on Monday announced the completion of its $7 million seed funding round led by prominent investor Ashish Kacholia of Lucky Investments. E2MC, Mana Ventures, and a prominent family office also participated in the round, the company said. XDLINX Space Labs’ CEO and Co-founder Rupesh Gandupalli said the investment will be used towards payload manufacturing for defence and commercial missions such as E-band communications, Optical and RF intelligence to build space heritage, operationalization of satellite bus platforms and expand its presence in the US and UK.
“We envision a future where space becomes more accessible by building cost-effective satellites using 75 per cent indigenous subsystems. We look forward to contributing to India’s growing role in the global space race,” he said.
Founded in 2022, XDLINX Space Labs started with an end-to-end small satellite mission-as-a-service provider for complete mission requirements- from design, supply chain, build, integration, and space qualify to mission operations. The startup offers spacecraft platforms and payload technology for global intelligence, surveillance and reconnaissance (ISR) missions.
The company is currently working on the launch of its next project which features the world’s first miniaturized space-grade e-band payload, developed and scheduled to launch aboard SpaceX’s Transporter-12 mission.
According to the government’s Invest India portal, the Indian space sector’s size stood at $9.6 billion in 2020 and had a 2 per cent – 3 per cent share in the global space economy. The sector is likely to grow to $13 billion by 2025 and India is expected to have nearly 10 per cent share of the global space economy.
Importantly, the Department of Space on October 6, 2024 said that Rs 1,000 crore has been earmarked for a venture fund for space startups. Science and Technology Minister Jitendra Singh said the decision for the fund was taken within the first 100 days of the Modi 3.0 government. The Indian government currently allows 100 per cent FDI provision in the space sector. According to Singh, India has over 200 space startups.