Aerospace start-up Team Indus eyes sponsors in bid to raise Rs 225 cr before launch of lunar spacecraft

By: | Published: October 6, 2017 5:31 AM

Aerospace start-up Team Indus that is planning to land the first private rover on the moon said on Thursday it is in talks with multiple sponsors and stakeholders to raise about Rs 225 crore before the launch of the lunar spacecraft.

team indus, team indus fund raising plan, team indus aerospaceThe company, founded in 2011 by Rahul Narayan, is in the fray for Google Lunar XPrize. Google Lunar XPrize, also called Moon 2.0, is a competitive challenge organised by Google that calls for privately funded spaceflight teams across the world to land a rover on the moon before March 31, 2018.

Aerospace start-up Team Indus that is planning to land the first private rover on the moon said on Thursday it is in talks with multiple sponsors and stakeholders to raise about Rs 225 crore before the launch of the lunar spacecraft.

The company, founded in 2011 by Rahul Narayan, is in the fray for Google Lunar XPrize. Google Lunar XPrize, also called Moon 2.0, is a competitive challenge organised by Google that calls for privately funded spaceflight teams across the world to land a rover on the moon before March 31, 2018. The earlier deadline to launch the spaceflight was December 2017.

Rahul Narayan, founder of Team Indus, said: “The total project costs Rs 450 crore and we have already collected half of the amount. For the other half of the amount, we are talking to various sponsors and will be able to raise this amount in the next 3 to 6 months”. He added that the company had secured three rounds of funding, with series A getting completed.

The winner team in the competition programme will not only land its rover on the surface of the moon, but also traverse 500 metre on the surface of the moon and send back high-definition images and videos.

The total prize money for the contest is $30 million.

Team Indus, which is backed by the likes of Ratan Tata, Nandan Nilekani, Sachin Bansal and Binny Bansal, has emerged as one of the five companies to be selected out of 29 teams which participated in the Lunar XPrize contest.

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