Space Startup Dhruva Space Raises Rs 123 Crore in Series A Funding!

Who led this latest funding round at Dhruva Space? How this tech startup plans to utilize this fresh funding? Who are the present investors of Dhruva Space? Find answers to all these questions in this story.

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Space Startup Dhruva Space Raises Rs 123 Crore in Series A Funding!

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Dhruva Space, a Hyderabad-based full-stack space engineering startup, has concluded its Series A funding round, raising Rs 123 crore. The investment will facilitate the establishment of its spacecraft manufacturing facility, strategic business acquisitions, and the expansion of product offerings in the global market.

Dhruva Space Funding

The Series A round witnessed the participation of 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. Notably, the funding also includes Rs 24 crore in venture debt from the Small Industries Development Bank of India (SIDBI) and the Technology Development Board.

Future Plans: How Dhruva Space Plans to Expand?

With the infusion of capital, Dhruva Space aims to commence the development of its spacecraft manufacturing facility, beginning with the initial phase covering approximately 120,000 square feet. The facility, strategically located in Shamshabad, Telangana, is part of the company's broader vision to bolster its operational capabilities.

Founded in 2012 by Sanjay Nekkanti, Dhruva Space has already marked significant milestones, launching eight payloads in the last 24 months. Noteworthy missions include the Thybolt satellite mission in November 2022 and the LEAP-TD mission on January 1, 2024. The company's collaboration with esteemed entities such as CNES, Kinéis, Comat, Swedish Space Corporation, and an Australian company underscores its growing prominence in the space-tech industry.

Sanjay Nekkanti, CEO, and Co-founder of Dhruva Space, expressed enthusiasm about the funding, highlighting its pivotal role in realizing the company's vision of offering comprehensive space technology solutions. Nekkanti emphasized the importance of industrialization and manufacturing to meet the escalating demand for satellites and satellite-enabled services globally.

Chaitanya Dora, CFO, and Co-founder of Dhruva Space, echoed Nekkanti's sentiments, emphasizing the significance of collaborative partnerships and the company's impressive growth trajectory. Dora reiterated the commitment to innovation and expansion, aiming to solidify Dhruva Space's position as a leading player in the global space market.

Dhruva Space Investors

Padmaja Ruparel, Senior Partner at IAN Alpha Fund, commended Dhruva Space's innovative approach and resilient execution strategies. Ruparel expressed confidence in the company's ability to carve a niche in the competitive space-tech industry.

Satya Narayan Bansal, Founder and CEO of Blue Ashva Capital, lauded Dhruva Space's track record of successful space missions, highlighting its proficiency in space-qualified technologies. Bansal underscored the company's remarkable pace and execution capabilities, affirming its promising future in the sector.

The successful closure of its Series A funding positions Dhruva Space for accelerated growth and underscores its commitment to advancing space exploration and technology.

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