Hyderabad-based space tech startup Dhruva Space has successfully raised $15 million in its Series A funding round. The investment comes from a consortium 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.
Additionally, the company has secured Rs 24 crore in venture debt, with Rs 10 crore from the Small Industries Development Bank of India (SIDBI) and Rs 14 crore from the Technology Development Board.
According to a press release by the company, the raised capital will be allocated towards expanding spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings.
Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has made significant strides in the past 24 months, launching eight payloads, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on January 1, 2024.
The startup operates across space, launch, and ground segments, catering to civilian and defence clients globally. Its offerings include satellites combined with Earth Stations and Launch Services as integrated solutions or standalone technology solutions for space-based applications.
The funding announcement adds Dhruva Space to the list of space tech startups that have secured substantial funding in recent years. Others include Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Vesta Space, Digantara, and InspeCity.
In a similar vein, last year, Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India). In comparison, Pixxel secured $36 million in a Series B funding round from new investors, including Google.
