Space tech startup Dhruva Space has raised $15 million (Rs 123 crore approximately) in its Series A round from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.
The fundraising also includes a Rs 10 crore venture debt from the Small Industries Development Bank of India (SIDBI) and a Rs 14 crore venture debt from the Technology Development Board.
The proceeds will be used for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings, the company said in a press release.
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Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched as many as eight payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024.
The Hyderabad-based startup is active across space, launch, and ground segments, and supports civilian and defence clients worldwide. It offers satellites teamed with Earth Stations and Launch Services as an integrated solution or individually as technology solutions to power space-based applications on Earth and beyond.
Over the past few years, several space tech startups, such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity, have managed to raise decent funding.
