growX Ventures Fund, an early-stage B2B-focused venture capital fund, has announced a partial exit from Pixxel, the hyperspectral imaging spacetech startup, delivering a 17 times multiple on invested capital (MOIC) and a 68% internal rate of return (IRR) over 5.5 years.
Founded in 2019 by Awais Ahmed and Kshitij Khandelwal, a full-stack SpaceTech startup pioneering hyperspectral imaging. Pixxel is developing a constellation of high-resolution hyperspectral imaging satellites for sectors like agriculture, mining, energy, and environmental monitoring.
Its hyperspectral satellite technology — capable of capturing data beyond the visible spectrum — is being piloted across agriculture, mining, energy, and environmental sectors.
Pixxel is expected to commence full-scale commercial deployment later this year, once its first mini-constellation of six satellites is operational.
Pixxel was growX Ventures Fund’s first DeepTech investment. The VC was also the first institutional backer of Pixxel, placing an early bet in 2019 when India’s private space sector had yet to prove itself. Since then, Pixxel has raised $95 million across nine funding rounds with backers including GIC, Google, Radical Ventures, and Seraphim. Pixxel last raised $24 million in its Series B extension in December 2024, backed by global investors including GIC, Google, Radical Ventures, and Seraphim Capital.
“When we invested in Pixxel in 2019, there was no playbook for DeepTech in India — no exits, no benchmarks, and certainly no roadmap for building a full-stack SpaceTech company. But the idea was audacious, and the clarity was unmistakable. This wasn’t a category you could hedge or pivot out of. Watching that conviction translate into real outcomes is deeply meaningful,” said Sheetal Bahl, Partner at growX Ventures Fund and Merak Ventures.
“For an early-stage fund, translating bold, pioneering bets into realised returns is a powerful validation. This partial exit allows us to return capital while staying meaningfully invested in Pixxel’s long-term growth,” said Manu Rikhye, Partner at growX Ventures Fund I and Merak Ventures.
Launched in 2019, growX Fund I focuses on early-stage B2B tech startups across sectors such as deep tech, fintech, SaaS, healthtech, and space tech. It holds positions in companies like Bellatrix Aerospace, Progcap, Zuddl, and Lightspeed Photonics.
This marks the first liquidity event for growX Fund I, a $25 million vehicle launched in 2019. The fund has backed 17 B2B startups, including Bellatrix Aerospace, Progcap, Zuddl, AdvantageClub.ai, CynLr, Lightspeed Photonics, and 4baseCare.
