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Spacetech startup Dhruva Space has secured $9.4 million (Rs 78 crore) in equity and debt financing from investors, including the IAN Alpha Fund and the Technology Development Board, along with existing backers, in its latest funding round.
The infusion of this capital, with a substantial Rs 24 crore allocated to debt, will play a pivotal role in realizing Dhruva Space’s ambitious expansion plans. As per the vision of founder and CEO Sanjay Nekkanti, this funding will pave the way for the establishment of the startup’s initial phase of a sprawling spacecraft manufacturing facility, spanning an impressive 2.8 lakh square feet in Hyderabad.
The funding round comes amid a significant government push towards space tech startups. Notably, the government had invited founders from spacetech ventures like Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, and Dhruva Space to New Delhi to meet with Elon Musk, the chief of Tesla and SpaceX. However, this visit has been postponed.
Dhruva Space has been making significant strides in the space industry over the past two years. The company has successfully completed four space missions, deploying an impressive eight out of 24 authorized payloads by the Indian National Space Promotion and Authorization Centre (IN-SPACe). These payloads, which include deployers, satellites, communication systems, and nanosatellite platforms, are a testament to Dhruva Space’s technical prowess and credibility in the industry.
The upcoming facility in Hyderabad, located near the international airport in Shamshabad, will include manufacturing units for spacecraft solar arrays, satellite subsystems, launch vehicle separation systems, and an assembly integration and testing facility, as per Nekkanti.
The company recorded total revenues of Rs 15 crore in the fiscal year ending March 2024, and it expects substantial revenue growth in the coming years.
Dhruva Space aims to raise another financing round exceeding $30 million within the next 12-18 months to address infrastructure needs and advance ongoing programs. Founded in 2012, the company operates in satellite manufacturing, launch, and ground segments, serving civilian and defense clients worldwide.
With the latest funding, Dhruva Space’s series A funding now totals Rs 123 crore (approximately $14 million), providing critical support for its expansion and capability development efforts.
