The funding will go towards the company’s upcoming spacecraft manufacturing facility, strategic business acquisition plans, and enhancing product offerings to deploy them to the global market.
Dhruva Space, a full-stack space engineering solutions provider based in Hyderabad, has announced the closure of their Series A funding at Rs 123 crore. The funding will go towards the company’s upcoming spacecraft manufacturing facility, strategic business acquisition plans, and enhancing product offerings to deploy them to the global market.
Dhruva Space’s Series A round saw 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.
Dhruva Space’s Series A1 brought in Rs 45.51 crore, while Series A2 brought in Rs 78 crore. Series A2 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.
Dhruva Space has launched eight payloads in the last 24 months, including the Thybolt satellite mission in November 2022 and the LEAP-TD mission on January 1, 2024. Building on this, the coming years will see several customer launches with the company’s P-30 nanosatellite platform and P-90 microsatellite platform.
As per a company statement, with this new financing, Dhruva Space is well-positioned to fund ongoing business operations and commercialization efforts as the company kicks off the development of the first phase—around 120,000 square feet—of the 280,000 square foot spacecraft manufacturing facility, strategically located in Shamshabad, Telangana.
Sanjay Nekkanti, Chief Executive Officer and Co-Founder, Dhruva Space, said, “With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialization 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.”
Dhruva Space 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.