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.

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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)