Broadband satellite communications company, OneWeb announced that it has raised $550 Million in funding from Eutelsat Communications, one of the world’s largest satellite operators.
The company will hold around 24% equity stake in OneWeb, and governance rights like the UK Government and Bharti Global. This will make it an important equity partner like the existing leading investors like Bharti Global, British Government, and SoftBank.
OneWeb’s latest round of investment would drive the total to $1.9 Billion in fresh equity funding. The investment is expected to be closed by the latter half of 2021, subject to statutory approvals. This investment from one of the world’s biggest global operators marks the entry of Low Earth Orbit (LEO) satellites into long-term and mainstream growth planning for major operators.
OneWeb’s has a fleet of 648 LEO satellites, which is intended to low-latency and deliver high-speed connectivity. The tie-up with Eutelsat will be a win-win situation for both parties, as it improves the commercial potential for both. The company is looking to utilize Eutelsat’s strong commercial reach to businesses and governments, technical expertise, and global fleet.
Post achieving the full deployment of the satellites, OneWeb expects annual revenue of around $1 billion in three years or soon after.
Speaking about the investment, Sunil Mittal, Founder and Chairman of Bharti Enterprises said, “We are delighted to welcome Eutelsat into the OneWeb family. As an open multi-national business, we are committed to serving the global needs of governments, businesses, and communities across the world”.
“Together we are stronger, benefitting from the entrepreneurial energy of Bharti, the extensive global outreach of the UK Government, and the expertise in the satellite industry at Eutelsat. OneWeb, with its innovative and disruptive approach, is poised to take a leading position in LEO broadband connectivity,” he added.
OneWeb is delivering excellent broadband satellite internet services worldwide. The fresh round of funding will present huge opportunities to OneWeb to scale its operations.Shisihr Gupta, Founder and CEO, StartupLanes
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