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Abyom has Secured $2.5 Mn in the First Tranche of $5.4 M Seed Funding

Founded in 2020, Abyom focuses on reusable space technology to close the gap in satellite launch services. This investment also reflects increasing interest in India’s space tech scene, fueled by startups like Abyom and the achievements of ISRO.

By Ayushi Jain
New Update
Abyom has Secured $2.5 Mn in the First Tranche of $5.4 M Seed Funding

Hyderabad-based space tech startup Abyom has raised $2.5 million from SCOPE Ventures as part of its $5.4 million seed funding round. The funding will support Abyom in developing reusable rockets and launch vehicles (RLVs) to address the growing demand for satellite launches.

Brief about Aboym

Founded in 2020, Abyom focuses on reusable space technology to close the gap in satellite launch services. By cutting costs and increasing launch frequency the company aims to make satellite deployment more accessible for industries like telecommunications, agriculture and defense.

Abyom’s reusable rockets are designed for multiple launches reducing costs and space debris. The company envisions reusable technology as the future of satellite launches promoting sustainable space exploration.

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The funds will be used for:

Developing reusable launch technologies.
Expanding manufacturing capabilities.
Building strategic partnerships to grow its market reach.

With the space industry growing rapidly Abyom’s focus on reusable technology positions. It as a key player in India’s emerging space sector. The company plans to use the next round of funding to speed up product development and launch operations.

This investment also reflects increasing interest in India’s space tech scene, fueled by startups like Abyom and the achievements of ISRO.

About Abyom

Abyom, short for "Above and Beyond Vyom," focuses on making space technology accessible, sustainable, and valuable for people and the planet. Its offerings include reusable launch vehicles, space tourism, and in-space manufacturing, aiming to simplify access to space for various activities.

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Read the Next Article

Zopper has Raised $25 Mn in Series D round Funding

Zopper plans to use the fresh funding to strengthen its overall tech stack, including the insurance distribution platform. Zopper helps businesses sell insurance products by connecting them to ecosystem partners like ecommerce marketplaces.

By Aryan Sharma
New Update
Zopper has Raised $25 Mn in Series D round Funding

 Zopper is an insurtech firm based in Delhi NCR, has raised $25 million (about INR 211.2 crore) in a Series D funding round headed by Elevation Capital and Dharana Capital, with Blume Ventures, an existing investor, also participating. 

Purpose of fundraising

With the additional funds, the business intends to fortify its whole technology stack, including the platform for distributing insurance.

Read Also - CredFlow raises $3.7 Million in Pre-Series B Round Funding 

Furthermore, according to a statement from the company, a portion of the revenues will also be used to improve Zopper's device and appliance protection business's post-sale and maintenance capabilities.

Furthermore, some of the funds have been set aside for investments in machine learning, artificial intelligence, data science, and data engineering.

In order to provide flawless customer support, the company is developing a modern policy administration system (PAS) that will make use of an up-to-date tech stack, effective algorithms, data management, and security features. 

Insurance companies and ecosystem partners provide Zopper with income. In order to deliver items to an ecosystem partner, it charges insurers a brokerage fee. 

Zopper Platform Offer

The Zopper platform allows ecosystem partners to handle issues pertaining to claims, endorsements, and post-sales, among other things. Every policy that passes through this specific conduit generates revenue for Zopper.

The business, which has investors including Creaegis, Bessemer Venture Partners, and ICICI Venture, says it has raised $100 million so far. In 2022, Creaegis led Zopper's $75 million Series C fundraising round.

It serves well-known brands including Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, and Chaitanya, and it is present in over 1,200 cities around India.

The investment in Zopper coincides with a boom in the Indian insurtech business, which is expected to reach a valuation of $307 billion by 2030. 

Additionally, investors are becoming more interested in domestic insurtech businesses. For example, Onsurity closed its Series B round at $45 million in September after raising an additional $21 million, headed by the private equity firm Creaegis.

Before that, Square Insurance, a Jaipur-based company, received $3 million in pre-series A fundraising in August from investors such as Negen Capital and BizDateUp.

About Zopper

Zopper is an embedded platform for insurance sales that was founded in 2011 by Surjendu Kuila and Mayank Gupta. Through its unique embedded insurance API suite, it assists major insurance companies in connecting with ecosystem partners, such as e-commerce marketplaces. 

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.

Tags: Zopper