Indian Space-Tech Startup Builds Rocket with Global Vision
Newzdaddy Business Updates
The Indian space-tech company Omspace Rocket & Exploration Private Limited, which is housed at the Entrepreneurship Development Institute of India’s (EDII) Technology Business Incubator, CrAdLE (Centre for Advancing & Launching Enterprises), has raised $3 million in a pre-seed fundraising round. The financing, which was spearheaded by an angel investor and a family office, represents a major turning point in Omspace’s development of Infinity One, a domestic, modular launch vehicle intended for Low Earth Orbit (LEO) satellite missions.
Omspace was founded in 2020 by a group of enthusiastic engineers and inventors, including Dr. Ravindra Raj Binod Mistri, Mr. Maulik Mota, and Ms. Stutika Padamshali. The company is based in Ahmedabad and has a presence in Dubai, United Arab Emirates. With Infinity One, Omspace’s flagship innovation, payloads weighing about 350 kg will be transported to altitudes of up to 800 km. The launch system is designed to provide a dependable launch solution for India’s expanding space-tech industry, with a focus on cost-effectiveness and fuel efficiency.
The recently raised money will be used to:
• Complete and start testing the Infinity One prototype;
• Grow Omspace’s R&D staff and bring on specialised personnel;
• Fortify the business’s ground systems and manufacturing infrastructure.
The Entrepreneurship Development Institute of India (EDII)’s CrAdLE Technology Business Incubator is essential to fostering early-stage businesses in a variety of industries, particularly deep-tech and innovation-led fields. With support from the Indian government’s Department of Science and Technology, CrAdLE has played a key role in helping Omspace with business strategy, strategic mentoring, and technical validation. Omspace is currently speeding up the creation and testing of its main launch vehicle, Infinity One, with its assistance.
“This funding is a significant milestone in our mission to democratise access to space from India,” stated Dr. Mistry, co-founder of Omspace Rocket & Exploration Private Limited. We are incredibly grateful to CrAdLE and EDII for supporting our vision and providing us with the tools, guidance, and setting we need to make significant progress.
“At CrAdLE (Centre for Advancing & Launching Enterprises), we’re proud to support ventures like Omspace Rocket & Exploration that are pushing the boundaries of technology and placing India on the global space-tech map,” stated Dr. Satya Ranjan Acharya, Director, CrAdLE, EDII. The potential of indigenous innovation supported by the appropriate ecosystem is demonstrated by their journey.
Startups like Omspace are becoming important players in the development of domestic, scalable, and reasonably priced space solutions as India’s space-tech ecosystem is strengthened by a thriving private sector drive.
In the four emphasis industries of manufacturing, food processing, renewable energy, and healthcare, CrAdLE has so far provided support to 135 startups, promoting technology and knowledge-based business endeavours.
Concerning the Indian Entrepreneurship Development Institute (EDII)
The top financial institutions, IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd., and State Bank of India (SBI), supported the establishment of the Entrepreneurship Development Institute of India (EDII), Ahmedabad, as an independent, non-profit organisation in 1983. The magnificent and expansive EDII Campus is situated on 23 acres of land that the Gujarat government pledged. The Ministry of Skill Development and Entrepreneurship, Government of India, has designated EDII as the CENTRE OF EXCELLENCE. To learn more, go to www.ediindia.org.
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