India, July 31 -- Reliance Industries is reportedly in advanced talks to lead a $50 Mn (around INR 430 Cr) funding round in spacetech startup Digantara. Existing backers, including Peak XV Partners, are also expected to participate in the fundraise.

"Reliance has evaluated multiple startups in the spacetech segment. It is looking at companies building novel solutions in the sector. Its talks with Digantara are at an advanced stage," a person aware of these discussions was quoted as saying to ET.

The Bengaluru-based startup plans to use a major portion of the fresh capital for capex, aimed at building a constellation of 12-13 surveillance satellites by the end of 2026. Three of these satellites have already been launched.

Founded in 201...