Bengaluru-based space tech startup Pixxel is in advanced talks to raise between $80 million and $100 million in its latest funding round even as one of its high-profile prospective investors has walked away.
Deepinder Goyal, who had been in talks to invest $25-30 million in Pixxel, has opted out of the round, according to Moneycontrol. Goyal, who was CEO of Eternal when he first engaged with Pixxel, has since stepped down from that role and is now focusing on personal ventures including LAT Aerospace, Temple and Continue, among others.
A Bigger Round
The exit has not slowed Pixxel's fundraise. The company had initially discussed raising $55-60 million, but the target has now expanded to $80-100 million, Moneycontrol reported. Pixxel's pre-money valuation during these negotiations stands at around $400 million.
1 May 2026
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Singapore's sovereign wealth fund GIC, already an existing investor in Pixxel, is expected to increase its commitment to the round. The remaining amount is expected to come from existing investors on a pro rata basis. Pixxel is backed by Google, Lightspeed, Glade Brook, Aditya Birla Ventures and Blume, the report added.
Once the round closes, it will take Pixxel's total funding to over $190 million since it was founded in 2019 by Awais Ahmed and Kshitij Khandelwal.
GIC's Growing Bet on Indian Space Tech
This will be the second time in a matter of weeks that GIC has doubled down on an Indian space tech company. Earlier this month, the fund also participated in a funding round at Skyroot, India's first space tech unicorn, which raised $60 million.
Notably, Indian space tech ecosystem has seen a flurry of activity in recent months. Agnikul Cosmos raised around $17 million, while Digantara secured $50 million from investors including Reliance and 360 One. Newer names such as Ulook, Trishul Space and Manastu have also raised fresh funds from GrowX, InfoEdge Ventures, IAN Angel Fund and Capital A.
What Pixxel Is Building
The fundraise comes as Pixxel prepares for new launches. The company, alongside AI startup Sarvam AI, has announced the Pathfinder, a 200 kg-class satellite scheduled for launch as early as the fourth quarter of 2026.
The Pathfinder will carry data-centre-grade GPUs, including Blackwell or H200-class chips, to run Indian-governed language models and process hyperspectral imagery directly in Low Earth Orbit. The partnership is aimed at proving that sovereign AI workloads can operate directly in orbit.
"Once it's in orbit, that's the real test," Pixxel CEO and co-founder Awais Ahmed told Moneycontrol, adding that most of the real testing will begin only after the satellite is launched.