Hyderabad-based space technology startup Dhruva Space announced on April 22 that it has secured approximately $9.3 million (Rs 78 crore) in funding from various investors, including Indian Angel Network Alpha Fund and Blue Ashva Capital. This brings the total Series A funding for the company to around $14 million (Rs 123 crore).
The funding round comes amidst a notable policy push from the government to encourage private sector participation in the space industry. It underscores the increasing value of India’s space economy, which the regulator IN-SPACe projects to reach $44 billion by 2023.
Dhruva Space stated that the funds will be utilized for its satellite infrastructure manufacturing facility in Hyderabad, spanning 2.8 lakh square feet. Additionally, the investment will support acquisitions and enhancements to the company’s product offerings.
CEO Sanjay Nekkanti expressed, “With the growing global demand for satellites and satellite-enabled services, this funding will play a crucial role in bolstering Dhruva Space’s industrialization and manufacturing efforts. It will facilitate team expansion, capability development, infrastructure enhancement, and international business expansion.”
Established in 2012, Dhruva Space provides satellites, ground stations, and launch services for space-based applications, either as an integrated solution or individually.
The latest financing round includes approximately $1 million (Rs 10 crore) in cross-venture debt from the Small Industries Development Bank of India (SIDBI) and $1.6 million (Rs 14 crore) from the Technology Development Board. Other investors participating in the round include Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.
