Dhruva Space, a Hyderabad-based provider of comprehensive space engineering solutions, has announced the successful closure of its Series A funding, raising Rs 123 crore. The startup plans to allocate the raised capital towards the development of its upcoming spacecraft manufacturing facility, strategic business acquisitions, and the enhancement of its product offerings to cater to the global market.
Leading the Series A funding round are prominent investors 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, Dhruva Space has secured Rs 10 crore in venture debt from the Small Industries Development Bank of India (SIDBI) and Rs 14 crore from the Technology Development Board. The Series A1 round brought in Rs 45.51 crore, while Series A2 raised Rs 78 crore.
With this infusion of capital, Dhruva Space aims to commence the development of the first phase of its spacecraft manufacturing facility, covering approximately 120,000 square feet out of the total 280,000 square feet. Located strategically in Shamshabad, Telangana, the facility will bolster the company’s operational capacity and support its ambitious growth plans.
Founded in 2012 by Sanjay Nekkanti, Dhruva Space has made significant strides in the space industry, launching 8 payloads in the past 24 months, including the Thybolt satellite mission in November 2022 and the LEAP-TD mission on January 1, 2024.
Leveraging this momentum, the company aims to undertake numerous customer launches using its P-30 nanosatellite platform and P-90 microsatellite platform in the coming years. Dhruva Space has forged partnerships with esteemed entities such as CNES, Kinéis, Comat, Swedish Space Corporation, and an Australian company for the LEAP-1, in addition to collaborating with various satellite imagery providers globally, underscoring its potential to carve a niche for itself in the global space-tech industry.
