April 22, 2024: Space Tech Startup Dhruva Space, focused on building full-stack space engineering solutions has secured approximately $9.3 million (Rs 78 crore) from a group of investors, that include Indian Angel Network Alpha Fund and Blue Ashva Capital.
The startup stated the funds would be deployed into the company’s 2.8 lakh sq ft satellite infra manufacturing facility in Hyderabad. The money will also enable the firm to pursue acquisitions and improving product offerings going forward.
Dhruva Space Well Poised to Exploit Space Economy Potential
“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 fuelling the international expansion of our business,” CEO Sanjay Nekkanti said.
The fund raise further validates the sectoral interest from investors, and at a moment when there is a significant policy push from the government of India to open up the private space sector. Furthermore, this will accelerate the value of India’s space economy, which regulator IN-SPACe reveals will near $44 billion by 2023.
Founded in 2012, the startup offers Satellites coupled with Earth stations and Launch services as an integrated solution or individually as a technology solution to power Space-based applications, on Earth and beyond
The fresh capital infusion round includes around $1 million (Rs 10 crore) in cross venture debt from Small Industries Development Bank of India (SIDBI) and $1.6 million (Rs 14 crore) from the Technology Development Board.
Other investors who invested in Dhruva Space latest round include Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels and Blume Founders Fund.
With this its Series A, Dhruva Space corpus has risen to around $14 million (Rs 123 crore).
