Space-tech startup Pixxel plans to launch at least four satellites in 2028 as part of its ₹1,200-crore National Earth Observation Constellation programme, as the company steps up investments in satellite infrastructure while targeting near-doubling revenue growth almost every year.
Pixxel will directly execute around 60–70 per cent of the programme, translating into an investment of about ₹700–750 crore over the next three-and-a-half years, cofounder and chief executive Awais Ahmed said in an interaction with businessline.
The company expects the first satellites under the programme to be launched in early 2028, with all 12 satellites targeted to be deployed by 2030. Pixxel expects at least four satellites to be launched during 2028.
“It is a ₹1,200 crore program. We will be doing 60 to 70 per cent of it from Pixxel directly. So that is ₹700-ish, ₹750-ish crores over the next four years. Three and a half years now,” Ahmed said.»
The National Earth Observation Constellation is expected to expand Pixxel’s capabilities beyond hyperspectral imaging to other forms of Earth observation, including optical, synthetic aperture radar (SAR) and multispectral imaging.
Ahmed said the company’s satellite platform and technology are largely common across different types of imaging satellites, with the payloads being the key differentiator.
Pixxel is also targeting sustained revenue growth as it scales its satellite and data businesses. The company, which recently raised $100 million in a Series C funding round, said the new capital would allow it to accelerate satellite launches and infrastructure investments rather than build the business from scratch.
“The plan is to make sure that we can keep doubling the growth almost every year and we have the contracts, the backlog to keep doing that,” Ahmed said.
Pixxel currently serves around 35–40 customers through its Firefly satellites, with about 90% of these being commercial enterprises, while government customers account for a larger share of the company’s revenue. Ahmed said government contracts account for about 75% of revenue, with enterprises contributing the remaining 25%.
The company expects the balance between its data, intelligence and satellite businesses to evolve as it scales. Ahmed said data and intelligence together could account for around half of revenue, with satellite and satellite-mission businesses contributing the other half.
Despite the capital-intensive nature of the space business, Pixxel expects to turn profitable next year. Ahmed said the company is currently spending heavily on satellites, with much of that expenditure expected to be completed by 2027.
“So 2027 should be a profitable year. 2028 should be a year where we actually also get to cash flow positivity because most of our space investments would have been finished by then,” he said.
Pixxel said the satellite-manufacturing business has already been profitable, while its data business requires upfront investment in satellites before reaching break-even. The company expects cash generation to improve once its planned constellation and associated infrastructure are operational.
Published on September 24, 2026
