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Dhruva Space, a space-tech startup, has raised ₹78 crore in a series A2 round from IAN Alpha Fund and other investors.
The fund will be used to build its satellite and related infrastructure, including orbital deployers, sub-systems and ground station equipment.
In 2022, the company secured ₹45 crore in Series A funding. Overall, it has raised ₹123 crore, which involves a debt portion of ₹10 crore from SIDBI and ₹14 crore from TDB, DST. Investors include Mumbai Angels, Indian Angel Network, Arvog, Primarc, BlueAshvaCapital, OswaalBooks, and KshamaCapital, as per Tracxn.
Dhruva will use the funds to build the initial phase of its satellite infrastructure manufacturing site (one lakh sq ft) in Shamshabad, close to Hyderabad. The facility, focused on spacecraft production, is projected to be completed in two years at a cost of about ₹130 crore.
“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 fuelling the international expansion of our business,” said Sanjay Nekkanti, Chief Executive Officer and Co-founder.
In the past two years, Dhruva Space has launched eight payloads, including the Thybolt satellites in November 2022 and the LEAP-TD mission on January 1, 2024. It plans launches using its P-30 nanosatellite platform and P-90 microsatellite platform.
(With inputs from BL intern Meghna Barik)
Published on April 23, 2024
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