Bharti-backed OneWeb gets new $550mn funding

NEW DELHI: Bharti groupbacked OneWeb said it has secured $550 million in funding from Eutelsat Communications. This brings OneWeb’s total funding to $1.9 billion in fresh equity.

Eutelsat, a leading satellite operator, will receive a 24% equity stake in OneWeb and similar governance rights to the UK government and Bharti Global, making it a significant equity partner. The investment is expected to be completed in the second half of 2021, subject to regulatory approvals.