Bharti-group backed OneWeb bags $550million funding from Eutelsat

Bharti-group backed OneWeb said that the new investment would take the total funding to $1.9 billion in fresh equity.

One of the world's leading satellite operators, Eutelsat, will receive about 24 percent equity stake in OneWeb and similar governance rights to the UK Government and Bharti Global, making it a significant equity partner and joining leading investors like British Government, Bharti Global and SoftBank.

The investment is expected to be completed in the second half of 2021, subject to statutory approvals, it added.

OneWeb's 648 LEO satellite fleet would deliver high-speed, low-latency global connectivity and its partnership with Eutelsat, a global geostationary satellite operator, would enhance both companies' commercial potential -- leveraging Eutelsat's established commercial reach to governments and enterprise customers, besides its strong institutional relationships, technical expertise and global fleet.

Once OneWeb completes the full deployment of the constellation, the company anticipates annual revenues of nearly $1 billion in year three or soon thereafter, on the back of its partnership driven, wholesale business plan.

Commenting on the development, 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".