Mumbai: Temasek is leading a $100 million round in the Indian space-tech startup Pixxel at a valuation of $350-400 million, two people familiar with the matter said.
The Singapore-based sovereign wealth fund is expected to pump in more than $50 million as part of the round, which is expected to be a mix of primary and secondary, one of the people cited above said. “Existing investors, including GIC, are expected to double down on their investment,” a second person said, confirming the above details.
Both people spoke on the condition of anonymity. Temasek and GIC declined to comment, while Pixxel did not respond to Mint’s requests for a comment till the time of publishing.
Interestingly, both GIC and Temasek are also investors in the space-tech startup Skyroot Aerospace, and the recent development comes amid heightened interest in India’s space-tech ecosystem.
Last month, Hyderabad-based Skyroot raised $60 million from Ram Shriram’s Sherpalo, Singapore’s sovereign wealth fund GIC, BlackRock, the founders of renewable energy company Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office and other investors. The round valued the company at over $1 billion, marking its entry into the unicorn club.
In December, Digantara also raised $50 million from SBI Investment Co, 360 ONE Asset, and Ronnie Screwvala, alongside existing investors Peak XV Partners and Kalaari Capital, while Agnikul Cosmos is in talks to close a similar-sized round, Mint reported earlier.
Founded in 2019 by BITS Pilani graduates Awais Ahmed and Kshitij Khandelwal, Pixxel aims to build a health monitor for the planet and track critical changes across land, oceans, and atmosphere before they escalate. From developing advanced hyperspectral satellites to transforming raw imagery into powerful insights, Pixxel hopes to bring together every layer of Earth observation.
Pixxel has raised capital from marquee investors, including M&G Catalyst and Glade Brook Capital Partners, Google, Radical Ventures, Lightspeed, and others. The company plans to expand its satellite manufacturing capacity, scale its operations for upcoming missions, and enhance its capability to provide a full spectrum of satellite manufacturing services—from small satellites to advanced imaging payloads for other organizations and governments, the company noted in 2024 at the time of its fundraise.
Pixxel operates under two entities—PixxelSpace India Pvt. Ltd (incorporated in March 2019), and its global/US operations are registered as Pixxel Space Technologies. Its Indian entity reported revenue of ₹36.3 crore in FY25, up from ₹28.7 crore a year earlier. Its losses widened to ₹30.8 crore from a loss of ₹20.4 crore, according to filings from the ministry of corporate affairs sourced by Tofler.