Dhruva Space Marks Close Of Series A At INR 123 Cr, Plans Spacecraft Manufacturing Unit

Spacetech startup Dhruva Space has marked the final close of its Series A funding round at INR 123 Cr ($15 Mn).

The round comprised two tranches. In the first leg, the company raised INR 45.51 Cr, while in the second leg, it secured INR 78 Cr.

Dhruva Space’s Series A fundraise saw participation from a clutch of investors, including Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.

The funding includes INR 10 Cr in venture debt from the Small Industries Development Bank of India (SIDBI) and INR 14 Cr in venture debt from the Technology Development Board.

Dhruva Space plans to deploy the fresh proceeds for its upcoming spacecraft manufacturing facility, strategic business acquisitions and enhancing product offerings for global deployment.

The funding will also support the company’s establishment of its first phase of its 2.8 Lakh square feet spacecraft manufacturing facility in Hyderabad.

Founder and CEO Sanjay Nekkanti said, “This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fueling the international expansion of our business.”

Chaitanya Dora, chief financial officer and cofounder, Dhruva Space, said, “This fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global space market.”

Padmaja Ruparel, senior partner IAN Alpha Fund, comments, “We are very excited by the stellar team of Dhruva Space founders. Their expertise and excitement built our confidence that Dhruva Space will create a place for itself in the global spacetech industry.”

Dhruva Space has completed four space missions in the past two years.

Satya Narayan Bansal, founder and CEO at Blue Ashva, said “Achieving four successful Space missions within two years underscores Dhruva’s pace and proficiency in execution.”

In these missions, the startup has sent eight of the total 14 number of payloads in space authorised by the government’s Indian National Space Promotion and Authorisation Centre (IN-SPACe) in the last 24 months. These include deployers, satellites, communication systems and nanosatellite platforms, Nekkanti said.

Nekkanti added that the Hyderabad facility, located in Shamshabad near the international airport, will include manufacturing units for spacecraft solar arrays, satellite subsystems, separation systems for launch vehicles, and an assembly integration and testing facility.

The company registered INR 15 Cr in total revenue in the financial year ended March 2024, he added. 

Founded in 2012 by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor and Krishna Teja Penamakuru, Dhruva Space provides full-stack engineering solutions to enable ‘faster, more reliable and more cost-effective access to space. The startup also provides its clients with integrated access to owning and operating space-based assets. 

The company is active across three areas – satellite manufacturing, launch, and ground segments – supporting civilian and defence clients globally.

The recent funding comes at a time when the government has shifted its focus on startups within the spacetech sector. Notably, founders from spacetech startups including Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, and Dhruva Space were invited to meet with Elon Musk, the chief of Tesla and SpaceX, in New Delhi on Monday. However, the visit has been postponed for now.

Meanwhile, in 2022, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) approved Dhruva Space and Digantara, to launch their payloads into space.

In 2021, Digantara secured $2.5 Mn in its seed funding round from Kalaari Capital. The funds were raised for product development and the launch of its demonstration satellite.