Pune-based VestaSpace Technology on Wednesday said it has received USD 10 million (about Rs 75.8 crore) in funding from US-based investment and advisory firm Next Capital LLC.
Founded in 2018 by Arun Kumar Sureban, VestaSpace Technology specialises in making small satellite platforms for commercial and scientific applications.
"The massive financial support will enable VestaSpace Technology expand the reach of its innovative solutions across India and the world. The company estimates to achieve a 300 per cent growth rate post the funding," a statement said.
"Our association with Next Capital LLC began with my stay in the US for a project and has culminated into a promising financial deal that was cracked in April. This deal is going to be a great financial booster for VestaSpace Technology and will allow us to expand and scale up our operations and expand our footprint globally," Sureban said.
VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India, he added.
"I strongly believe that India has tremendous intellectual capital for our innovative ventures to work," he said.