The money is intended to finance the building of the first phase of its 2.8 lakh square foot spaceship manufacturing facility in Hyderabad. The round was divided into two tranches. The company raised INR 45.51 crore in the first phase and secured INR 78 crore in the second leg. The facility in Hyderabad will house manufacturing units for spacecraft solar arrays, satellite components, launch vehicle separation systems, and an assembly integration and testing facility.
Dhruva Space, a spacetech startup, has closed its Series A fundraising round at INR 123 crore ($15 million).
The round was divided into two tranches. The company raised INR 45.51 crore in the first leg and INR 78 crore in the second.
Several investors participated in Dhruva Space’s Series A funding, including Blume Founders Fund, Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Indian Angel Network Alpha Fund.
The finance consists of INR 10 crore in venture debt from the Small Industries Development Bank of India (SIDBI) and INR 14 crore in venture debt from the Technology Development Board.
Dhruva Space intends to use the revenues to fund its forthcoming spaceship production facilities, strategic business acquisitions, and product enhancements for worldwide deployment.
The money would also help the business build the first phase of its 2.8 lakh square foot spacecraft manufacturing plant in Hyderabad.
The company’s founder and CEO, Sanjay Nekkanti, stated: “This fundraising round is evidence of how Dhruva Space’s capabilities and long-term impact are recognized internationally. With the growing global demand for satellites and satellite-enabled services, the funding will be critical in supporting the industrialization and manufacturing of Dhruva Space’s full-stack products, allowing for significant team growth, increased capability and infrastructure development, and fueling our company’s international expansion.”
Chaitanya Dora, Dhruva Space’s chief financial officer and cofounder, stated, “This fundraising enables us to accelerate our growth, invest in innovation, and strengthen our position in the global space market.”
Padmaja Ruparel, senior partner of IAN Alpha Fund, says, “We are really pleased about the exceptional team of Dhruva Space founders. Their knowledge and enthusiasm increased us confidence that Dhruva Space will carve a niche for itself in the global spacetech market.”
Dhruva Space has performed four space flights over the last two years.
Satya Narayan Bansal, founder and CEO of Blue Ashva, stated that “achieving four successful space missions within two years underscores Dhruva’s pace and proficiency in execution.”
In these flights, the startup has launched eight of the 14 payloads authorized by the Indian National Space Promotion and Authorization Centre (IN-SPACe) in the last 24 months. Nekkanti mentioned deployers, satellites, communication systems, and nanosatellite platforms.
Nekkanti stated that the Hyderabad plant, located in Shamshabad near the international airport, will house production units for spacecraft solar arrays, satellite subsystems, launch vehicle separation systems, and an assembly integration and testing facility.
He stated that the company generated INR 15 crore in total revenue in the fiscal year ending March 2024.
Dhruva Space, founded in 2012 by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru, offers full-stack engineering solutions to provide “faster, more reliable, and more cost-effective access to space.” The startup also offers its clients seamless access to owning and operating space-based assets.
The corporation operates in three areas: satellite manufacture, launch, and ground operations, supplying civilian and defense clients worldwide.
The current funding comes at a time when the government has moved its focus to space-related enterprises. Notably, founders of space tech businesses such as Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, and Dhruva Space were invited to meet with Elon Musk, the CEO of Tesla and SpaceX, in New Delhi on Monday. However, the visit has been temporarily postponed.
