OneWeb raises funds from SoftBank, Hughes

NEW DELHI:  Bharti Global and the UK Government-owned satellite communications provider OneWeb, which plans to roll out such services in India, said on Friday that it has secured additional funding from private equity giant SoftBank Group and communications major Hughes Network Systems. This round, OneWeb said, takes its  total funding to $1.4 billion—close to Rs 10,200 crore.

The investment will get SoftBank a seat on the OneWeb Board, while the extra capital positions OneWeb in a strong position to deploy its planned first-generation satellite fleet, which will total 648 satellites, by the end of 2022. OneWeb did not provide an individual break-up of funds raised from participants in the round. The UK government and Bharti Global had launched the venture with a combined $1 billion investment. 

“We are excited to support OneWeb as it increases capacity and accelerates towards commercialisation,” said Masayoshi Son, representative director, corporate officer, chairman and CEO of SoftBank. OneWeb Executive Chairman Sunil Bharti Mittal, for his part, noted that SoftBank and Hughes are deeply familiar with OneWeb’s business, share its vision for the future, and their commitment allows the company to capitalise on the significant growth opportunity ahead.

“We gain from their experience and capabilities, as we deliver a unique LEO network for the world,” Mittal said. In December, OneWeb launched another 36 new satellites, bringing the current  fleet to 110. 

High-speed satellite comms in India by 2022

OneWeb had recently said that it is on track to offer global services to customers from late 2021, starting with the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Arctic Seas, and Canada, with global service in 2022. The company aims to offer high-speed internet from OneWeb satellites in India by mid-2022.