Bharti-backed OneWeb bags fresh funding from Softbank and Hughes

Bharti Global and OneWeb have said to secure additional funding from SoftBank Group and Hughes Network Systems, taking the total funding for the broadband satellite communications company to $1.4 billion (over Rs 10,200 crore).

According to a statement by the company, "OneWeb, the Low Earth Orbit (LEO) satellite communications company, jointly owned by the UK government and Bharti Global, announced today that it has secured additional funding from SoftBank Group and Hughes Network Systems, bringing OneWeb's total funding to $1.4 billion."

The capital raised so far strongly positions OneWeb to be fully funded for its first-generation satellite fleet, totalling 648 satellites by the end of 2022. With the investment, SoftBank will get a seat on OneWeb's board.

OneWeb did not provide an individual break-up of investments made by SoftBank Group and Hughes Network Systems. Earlier, the UK government and Bharti Global had announced a combined $1 billion investment ($500 million each) in OneWeb.

Masayoshi Son, Representative Director, Corporate Officer, Chairman and CEO of SoftBank, said, "We are excited to support OneWeb as it increases capacity and accelerates towards commercialisation." He added that the company is thrilled to continue our partnership with Bharti, the UK government and Hughes to help OneWeb deliver on its mission to transform internet access around the world.

Sunil Bharti Mittal, OneWeb Executive Chairman said that both 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.