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Narayana Murthy’s Infosys set to invest Rs 170000000 in this startup
The all-cash deal is expected to be completed on or before September 30, 2024.
Updated : Sep 19, 2024, 07:56 PM IST
 "infosys")
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Indian multinational IT company Infosys has agreed to invest Rs 17 crore in a space tech startup. The investment is a part of the Infosys Innovation Fund. The all-cash deal is expected to be completed on or before September 30, 2024.
The IT major will invest up to Rs 17 crore in GalaxEye Space Solutions. The investment will be made in equity and series A compulsory convertible preference shares allotment, a regulatory filing said. "Infosys Ltd has agreed to invest in SpaceTech startup, GalaxEye up to INR 17 Crores (approximately USD 2 million) as part of Infosys Innovation Fund," it said.
Infosys will undertake a "minority holding" in GalaxEye, not more than 20 per cent of the outstanding share capital of the company, the filing said. Infosys currently has a market cap of Rs 7.85 lakh crore, as of September 19. The shares of Infosys settled at Rs 1,897 apiece on Thursday on the NSE.
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What is GalaxEye Space Solutions?
Incubated at IIT Madras and based out of Bengaluru, GalaxEye is building a multi-sensor satellites and a synchronisation platform, which generates comprehensive all-weather, high-resolution and intuitive datasets. The technology and the datasets potentially benefit various industries such as defence, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining.
(With inputs from PTI)
