2 weeks ago
Nelco invests $20 million in Elveo for satellite connectivity
Nelco is a company that helps people communicate using satellites.
It is part of a big Indian business group called Tata.
Nelco decided to give $20 million to a company in the United States called Elveo.
Elveo builds satellites that can connect directly to phones and machines.
This money will help bring this new technology to India and nearby countries.
With this technology, cars, ships, and even government services can stay connected anywhere.
The money is given as a special loan that can later become part of the company.
Elveo was created in January 2026 when two other companies joined together.
It is still new and does not earn money yet.
This partnership could help people in places where regular signals do not reach.
Nelco, a Tata Group satellite communication provider, announced a $20 million (approx Rs 191.2 crore) investment in US-based Lunar Holdco, Inc., which operates as Elveo Mobile.
The investment aims to bring next-generation Direct-to-Device (D2D) and Internet of Things (IoT) satellite connectivity to India and South Asian markets.
Nelco will subscribe to Compulsorily Convertible Debentures (CCDs) carrying a 7 per cent annual compounded return, convertible into equity shares of the US firm.
The partnership will enable satellite-based connectivity and compute solutions for sectors including automotive, maritime, energy and government.
Lunar Holdco was formed in January 2026 following the merger of Lynk Global and Omnispace and is currently a pre-revenue company.
- Who
- Nelco, a Tata Group satellite communication provider, and US-based Elveo Mobile (Lunar Holdco, Inc.)
- What
- A $20 million investment and partnership to bring Direct-to-Device and IoT satellite connectivity to India and South Asia
- Where
- India and South Asian markets; Lunar Holdco is headquartered in Delaware, US
- When
- Announced on Monday; Lunar Holdco was formed in January 2026
- Why
- To bring next-generation satellite connectivity and close coverage gaps for enterprise solutions such as fleet tracking and disaster response
Key facts
- Investment amount
- USD 20 million (approx Rs 191.2 crore)
- Investor
- Nelco (Tata Group)
- Investee
- Lunar Holdco, Inc. (operating as Elveo Mobile)
- Investment instrument
- Compulsorily Convertible Debentures (CCDs)
- CCD return
- 7 per cent annual compounded return
- Target markets
- India and South Asian markets
- Target sectors
- Automotive, maritime, energy and government
- Lunar Holdco formation
- January 2026, following merger of Lynk Global and Omnispace
Quotes
Ramu Potarazu
CEO of Elveo
“"This collaboration also expands our reliable, adaptable and intelligent communications solution into new enterprise markets including automotive, telecom, infrastructure and other mission‑critical sectors. We look forward to not only serving the Indian market through Nelco but also partnering with the broader Tata Group companies across the globe."”
telegraphindia.com
“"D2D is the next growth wave for the Satcom market globally and Nelco is embarking on it. Elveo’s advanced network design opens up seamless coverage and new market opportunities for us in India, as well as South Asian countries and worldwide for some of the enterprise segments."”
telegraphindia.com
Sources
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