Mumbai-based Manastu Space Bags $3 Million Funding, Aims to Develop its Green Satellite Propulsion System
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Manastu Space, a Mumbai-based space-tech startup, has made headlines by securing $3 million (Rs 25 crore) in a pre-Series A funding round led by Indian Angel Network (IAN).
As per the startup, the freshly raised funds will be used to develop its green propulsion system for satellites.
Further, the Mumbai-based space-tech startup will implement its eco-friendly propulsion system, autonomous collision avoidance system and develop its R&D initiatives. IAN investors like KRS Jamwal (Executive director of Tata Industries), Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, amongst others, participated in the funding round.
Manastu Space | Space Safety and Logistics
Co-founded by Tushar Jadhav and Ashtesh Kumar, Manastu Space is a space safety and logistics firm providing complete propulsion systems to satellite manufacturers, including fuel, engine, tank, and accessories to satellite manufacturers.
Hoping to validate its technology during a test flight in the coming year, the Mumbai-based space-tech startup also plans on providing in-space services to its customers as part of a product service ecosystem. This includes in-space refueling, life extension, and de-orbiting at the end of the life of the satellite.
Speaking about the development, Tushar Jadhav, Co-founder of Manastu Space, said,
“The investors’ belief in Manastu Space’s product reflects a shared aspiration for a future where advances in space technology align with environmental responsibility.
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As per Jadhav, the startup has already secured key contracts, including one with the Indian Defense. The firm has also established partnerships with entities, including a French startup, Latitude, and recently formalized an agreement with iDEX, the Defense Innovation Organization.
Statement from the Investor
Commenting on the development, Padmaja Ruparel, Co-Founder at India Angel Network, said,
“Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry.”
This year, several space-tech startups have successfully raised funds, underscoring the rising demand in the space-tech segment. Almost two months back, SatSure, a Bengaluru-based space tech startup, raised $15 million in funding to launch a fleet of four high-resolution optical and multispectral satellites by the fourth quarter of 2025.
In June this year, space-tech startup Pixxel raised $36 million in a Series B funding round from Google for the further development of Aurora, Pixxel’s AI-powered analytics platform, and more.
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