Dhruva Space Startup Bags ₹123cr in Funding Round

Dhruva space is a Hyderabad based space technology company which provides complete space engineering related  solutions has bagged series A funding worth ₹123 crore. The company said the raised fund will be used for the manufacturing of upcoming spacecrafts, to acquire strategic business plans and to spread business globally by enhancing quality of products. 

Company said,”significant participants such as Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investments JSC (BITEXCO Group IvyCap Ventures, Mumbai Angeles and Volume Founders Fund participated in the Series A round of funding. This included venture debt of ₹10 crores from SIDBI (Small Industries Development Bank of India and venture debt of ₹14 crores from Technology Development Board.” They also said that Series A1 of Dhruva Space raised ₹45.51 crores and Series A2 raised ₹78 crores.

“Now Dhruva Space is in the position to fund the ongoing projects and to commercialize the efforts with this new financing”, the company said during release. With the help of the raised finance, the company has already started working on the first phase of a 280,000 square-foot spacecraft manufacturing facility in Shamshabad, Telangana. This projects is expected to be completed within the span of two years at the cost of about ₹130 crore. 

Funding will help Dhruva Space to support the industrialization and manufacturing

“This funding round is a proof that prooves Dhruva Space’s capabilities and long-term impact on global level. Our vision has always been to provide unified full-body technology solutions to customers who can visit space frequently and safely at a competitive cost. As global demand for satellite and satellite-based services continue to grow, the funding will help Dhruva Space to support the industrialization and manufacturing of Space’s end-to-end products, enabling significant team growth, capacity and infrastructure development, and accelerating our international expansion, ” said Sanjay Nekkanti, CEO and co-founder of Dhruva Space. 

“Dhruva Space is on positive path since the year 2019 by having the annual growth in revenue around 300%, and this funding allows us to speed up our growth, invest more in innovations, and further to create a strong position in global space market, said, Chaitanya Dora, the Chief Financial Officer and Co-founder of Dhruva Space. 

Until now Dhruva Space has launched 8 projects in last 24 months, this projects included Thybolt satellite mission launched in November 2022 and LEAP- TD mission launched on January 1, 2024. Several clients launches have been scheduled with the company’s P-30 nanosatellite platform and P-90 the microsatellite platform in the coming year. 

Existing space service ecosystem caused delays, higher cost and technical issues 

According to Times of India report, Sanjay Nakkanti, CEO and co-founder of Dhruva Space said they’re approaching global satellite original equipment manufacturers (OEMs) and raise further capital for the plant based on the needs. Sanjay added that Dhruva aims to generate Rs 1,500 to 2,500 crores in 3-5 years. Dhruva Space’s revenue stands at $2.26 lakh as per the March 2022 data of Tracxn. 

Dhruva Space was started in 2012, which has been creating spacecraft, lauch systems, ground segments which includes softwares like mission control software, and also SSA capabilities which is an new  approach in the space-tech industry. Sanjay said, gaps in the existing space service ecosystem causes delays, higher cost, and technical issues and Dhruva can tap diversified markets with its end-to-end solutions.