Space technology startup Dhruva Space has successfully secured $15 million (approximately Rs 123 crore) in its Series A funding round from a consortium 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 fundraising efforts also encompassed 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.
According to a press release by the company, the capital raised will be allocated towards the development of upcoming spacecraft manufacturing facilities, strategic business acquisitions, and the enhancement of product offerings.
Dhruva Space, co-founded by Sanjay Nekkanti and Chaitanya Dora, has achieved notable milestones, including the launch of eight payloads over the past 24 months. These include the Thybolt satellites mission in November 2022 and the LEAP-TD mission on January 1, 2024.
Based in Hyderabad, the startup operates across space, launch, and ground segments, catering to civilian and defense clients globally. It provides integrated solutions comprising satellites paired with Earth Stations and Launch Services, as well as standalone technology solutions to facilitate space-based applications on Earth and beyond.
The recent success of Dhruva Space adds to the momentum seen in the space technology sector, with other startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Vesta Space, Digantara, and InspeCity also securing significant funding in recent years.
In a similar vein, spacetech startup Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital in June last year. Additionally, Pixxel garnered $36 million in a Series B funding round from new investors, including Google, during the same period.
