For Team Indus, commercialising space tech is the way forward

While the Google Lunar XPRIZE competition will end without a winner, it is not the end of the road for Axiom Research Labs, the parent company of TeamIndus. CEO Rahul Narayan is still trying to push through with the dream of landing on the moon.
But more importantly, the company is working on a few projects such as satellite bus and solar-powered drone and is looking to commercialise these by the end of the year. The Google Lunar XPRIZE (GLXP) was called off following a consultation with the five finalists.
Bengaluru-based TeamIndus and four other teams from around the world had qualified for the final leg of the competition. The idea now is to look at commercialising a few sub-projects.
"From an investment standpoint, this will be a three-five years journey till we can stabilise as a standalone company. We are looking at equity investors to come in and take the risk of helping us build the product. By year end, we can start to generate revenues from what we do," said Narayan.
TeamIndus has also officially terminated its launch contract with Antrix Corp, the commercial arm of the Indian Space Research Organisation (Isro). "Antrix and TeamIndus are mutually terminating the launch services agreement signed in 2016...TeamIndus also thanks Antrix for its assistance and looks forward to collaborating with Antrix in the future," said a statement from the company.
Meanwhile, XPRIZE is exploring other avenues to keep the competition alive. One of the ways might be finding a new title sponsor or even continuing the quest to reach moon as a non-cash competition.
TeamIndus had reportedly raised more than half of the approximately ₹450-crore funding required for the mission and was working on crowdfunding and raising more money from sponsors.
"Finances are a constraint for everybody. I would not use it as an excuse. We knew it was a challenge. Primarily it was time, we had all the things on the table, maybe we could have accelerated a few things, parallelised a few things early on," said Narayan.

Trending News

Facebook face big challenge to prevent future US election meddling

Intel hit with 32 lawsuits over security flaws

Apple promises fix for serious Telugu character bug

GrabOnRent launches operations in Mumbai and Gurgaon

Crypto fall fails to drown initial coin offerings

Kalpnik uses AR & VR to help people 'go' to any place of worship

SpaceX is launching its broadband satellites into orbit this weekend

Unilever threatens to cut back online ads over 'toxic' content

Google hires former Samsung Mobile CTO to coordinate Internet of Things projects

Go-Jek plans India foray in second half of 2018

Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Ola parent to invest Rs 400 crore to boost Foodpanda India logistics & tech

Alibaba plans tighter integration of Paytm Mall with BigBasket & XpressBees

MakeMyTrip posts wider loss in Q3, may revisit OYO strategy

Google fined Rs 135.86 crore by CCI for 'search bias'

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities