Mumbai-based Manastu Space Bags $3 Million Funding, Aims to Develop its Green Satellite Propulsion System
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.
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.
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