Infosys To Acquire Up To 20% Stake In Space-Tech Startup GalaxEye

Information technology, outsourcing, and business consulting are all provided by the multinational Indian technology company Infosys Limited. The company was founded in Pune and has its headquarters in Bangalore. Infosys became the fourth Indian company to reach the $100 billion market capitalization mark on August 24, 2021.

An acquisition of 20% of GalaxEye by Infosys Ltd:

Infosys Ltd. announced on Thursday that it would acquire up to a 20% stake in GalaxEye, a space-tech startup that builds multi-sensor satellites. The IT major stated in a release that the deal is anticipated to close by September 30 and that the stake will be purchased for Rs 17 crore. The investment will go towards the startup through the Infosys Innovation Fund, which partners with deep-tech and AI startups to jointly develop next-generation solutions for the company’s clients.

Fund investments will be made in Series A and equity, a required number of GalaxEye convertible preference shares. Following the deal, Infosys will purchase a minority interest in GalaxEye, according to the press release, with the ownership “not exceeding 20% of the outstanding share capital of the company.”

Details about Space-Tech Startup GalaxEye:

GalaxEye allows for real-time monitoring of various environmental factors such as deforestation, urban development, and natural disasters. Governments, organizations, and companies can use this data to make well-informed decisions about resource management, land use, and disaster response. GalaxEye’s revolutionary approach to Earth observation has the power to fundamentally alter our perception of and interactions with our planet. According to Infosys, these datasets could be useful for a number of industries, including mining, defense, insurance, logistics, utilities, infrastructure, agriculture, and disaster management.

The funding comes from the current Series A round of GalaxEye. Mela Ventures and Speciale Invest were among the investors who contributed INR 55 Cr to the startup last month. The investment round also included participation from Navam Capital, Anicut Capital, Rainmatter, ideaForge, and Faad Capital. The company raised $3.5 million in the beginning of 2022 from a variety of investors, including Prashant Pitti, the CEO of EaseMyTrip, and Nithin Kamath, the founder of Zerodha.

Infosys Ltd. stock is moving up:

The current share price of Infosys Ltd. is Rs. 1,896.45, with a high trading price of Rs. 1,908.95 as of right now.

Conclusion: Infosys Innovation Fund is always finding such an opportunity to invest in good startups, and GalaxEye is one of those, which is having a good future.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.