The start-up's visition is to create a new economy in space and build human habitats that go beyond the limitations of our current planetary systems, said Arindrajit Chowdhury, CEO, Inspecity. Chowdhury is also a professor at the mechanical engineering department of IIT Bombay.
There has been a rise in launch prices globally, driven by a tight launch market. For Indian space tech start-ups, which are facing difficulty in obtaining funds from foreign VCs, new financial mechanisms could prove to be the saviour.
The fund has received approval from the Securities and Exchange Board of India (SEBI), and expects to close the corpus at $24.33 million (Rs 200 crore) in the next 3-4 months
Recognising the challenge posed by orbital debris, the United States' Federal Communications Commission adopted new rules on September 29, requiring LEO satellite operators to dispose of their satellites within 5 years of completion of their missions
The funding is another initiative to promote the gaming industry in India. The estimated value of the online poker space in India is $7 million.