Indian firm Bharti Global has invested $500m in UK-based space start-up OneWeb in a deal that also grants the Indian firm a 39% stake in the company.
The new investment will help OneWeb launch more commercial satellites into space later in 2021 as part of its project to build a network of low Earth orbit satellites. The network will provide broadband connections around the world.
OneWeb says it currently has 218 satellites, and is due to launch a further 36 on Thursday.
The deal is expected to be completed in the second half of this year.
“In just a year and during a global pandemic, together we have transformed OneWeb, bringing the operation back to full-scale. With this round of financing, we complete the funding requirements,” Bharti Global’s Managing Director Shravin Mittal said in a statement on Wednesday.
The British satellite provider also has the UK government as a major shareholder after it injected $1bn in 2020 to save it from bankruptcy. The move sparked criticism from detractors who believe public money shouldn’t have been used to save a private company from going under.
SoftBank and Eutelsat are also investors in the firm. The UK government, Eutelsat and SoftBank each own 19.3% of the firm.
Earlier this week, OneWeb signed a deal with BT to explore ways to provide broadband internet to remote parts of the UK and people at sea.
