Dhruva Space, a Hyderabad-based spacetech startup, has made headlines by raising $9.4 million (Rs 78 crore) in funding from IAN Alpha Fund, the Technology Development Board, and other existing investors. The funding round comprised equity and debt, including Rs 24 crore in debt.

As per the startup, the freshly raised funds will enable it to set up the first phase of its 2.8 lakh sq ft spacecraft manufacturing facility in the city.

Dhruva Space | Space-Engineering Solutions

Founded by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru in 2012, Dhruva Space is a full-stack Space-Engineering solutions provider, active across the Space (Satellite Platforms & Subsystems), Launch (Deployers) and Ground (Earth Stations) segments. 

Supporting civilian and defense clients globally, the Hyderabad-based spacetech startup, over the past two years, has completed four space missions. During these missions, the startup launched eight out of the 24 payloads authorized by the Indian National Space Promotion and Authorisation Centre (IN-SPACe). These payloads included deployers, satellites, communication systems, and nanosatellite platforms.

Speaking about the development, Sanjay Nekkanti, Founder and CEO of Dhruva Space, said,   

“With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialization and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fueling the international expansion of our business.”

Nekkanti added that their facility in Shamshabad, Hyderabad, near the International Airport, will include manufacturing units for spacecraft solar arrays, satellite subsystems, and separation systems for launch vehicles, as well as an assembly, integration, and testing facility.

Including this funding round, the total corpus raised by Dhruva Space in series A funding stands at Rs 123 crore (about $14 million). The spacetech firm also plans to raise over $30 million in the next 12 to 18 months to expand its infrastructure and support the development of programs for its customers, Nekkanti added.

This development comes at a time when the government is actively promoting startups in the spacetech sector. Recently, the government invited founders of spacetech startups, including Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, and Dhruva Space, to meet Tesla and SpaceX CEO Elon Musk in New Delhi today. However, the meeting has now been postponed.

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