Founded in 2019, Bengaluru-based Pixxel is revolutionizing space-tech by building a constellation of the world’s highest-resolution hyperspectral earth imaging satellites. By leveraging advanced analytics, Pixxel provides real-time insights across agriculture, mining, environment, and energy sectors, enabling businesses and governments to detect, monitor, and predict global phenomena with unprecedented accuracy.
In the fiscal year 2023 (FY23), Pixxel reported a revenue of Rs 16.44 crore, which surged by 86% to Rs 30.6 crore in FY24. Expenses also increased from Rs 26.5 crore in FY23 to Rs 50.96 crore in FY24. As a result, the company reported a loss of Rs 20.36 crore in FY24, compared to a loss of Rs 10.18 crore in FY23. The EBITDA margin was -40.22% in FY23 and improved slightly to -38.18% in FY24, while the Return on Capital Employed (ROCE) was -17.89% in FY23 and -11.59% in FY24.
Employee benefit costs constituted 51.09% of total expenses in FY24, up from 47.01% in FY23, highlighting a strategic investment in talent. Advertisement costs declined to 1.41% of total expenses in FY24 from 2.79% in FY23, reflecting a shift in marketing strategy. Depreciation expenses rose to 17.01% of total expenses in FY24 from 12.98% in FY23.
Pixxel has raised a total of Rs 778.92 crore in funding over seven rounds, with the latest Series B round completed on December 9, 2024. The company was co-founded by Awais Ahmed and Kshitij Khandelwal, who have played a pivotal role in its rapid growth and technological advancements.