Hyderabad based space technology startup, Dhruva Space which offers full stack space engineering solutions has raised series A funding worth ₹123 crore. The company said the fund will be utilised towards the upcoming spacecraft manufacturing facility, strategic business acquisition plans, and enhancing product offerings to deploy them to the global market.
“Series A round saw significant participation 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. This includes an ₹10 crores venture debt from Small Industries Development Bank of India (SIDBI) and an ₹14 crores venture debt from Technology Development Board,” the company said, adding Dhruva Space’s Series A1 brought in ₹45.51 crores while Series A2 brought in ₹78 crores.
“With this new financing, Dhruva Space is well-positioned to fund ongoing business operations and commercialisation efforts,” the company said in a release. The company has kicked off development of the first phase (1,20,000 square-feet) of the 280,000 square-foot spacecraft manufacturing facility in Shamshabad, Telangana.
“This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. Our vision has always been to provide cohesive full-stack technology solutions to customers to go to Space frequently and securely, at a competitive price point. 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,” said Sanjay Nekkanti, Chief Executive Officer and Co-founder, Dhruva Space.
“Since 2019, Dhruva Space is on a positive trajectory, observing a 300% annual growth in revenue, and this fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global Space market,” said Chaitanya Dora, Chief Financial Officer and Co-founder, Dhruva Space.
Dhruva Space has launched 8 payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024. Several customer launches with the company’s P-30 nanosatellite platform and P-90 microsatellite platform are lined up in the coming year.
