In a significant development for India’s burgeoning space industry, Hyderabad-based space technology startup Dhruva Space has announced securing USD 9 million (INR 78 crore) in a recent funding round. The investment comes from a consortium of backers including IAN Alpha Fund, Technology Development Board, and several existing investors.
This funding injection is part of Dhruva Space’s broader strategy to bolster its capabilities in spacecraft manufacturing, expand its business through strategic acquisitions, and enhance its product offerings. With an approximate Series A corpus of USD 14 million (INR 123 crore), the company is poised for substantial growth and expansion.
Sanjay Nekkanti, CEO of Dhruva Space, emphasized the pivotal role this funding will play in the company’s trajectory, stating, “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.”
Founded in 2012 by Sanjay Nekkanti and his co-founders Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru, Dhruva Space has emerged as a key player in the space engineering solutions sector. The company caters to a diverse clientele, including both military and commercial customers, offering a range of services spanning ground segments, launch services, and satellite manufacture.
The timing of this funding round is particularly noteworthy, coinciding with a notable policy thrust from the Indian government aimed at fostering growth in the private space sector. This move underscores the increasing recognition of India’s space economy, with estimates from regulator IN-SPACe projecting a value of $44 billion by 2023.
The utilization of these funds will see Dhruva Space directing resources towards its satellite infrastructure manufacturing facility in Hyderabad, spanning an impressive 2.8 lakh sq ft. Additionally, investments will be channeled into strategic acquisitions and further enhancement of the company’s product portfolio.
This funding round also saw contributions from entities such as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, Blume Founders Fund, in addition to the support received from the Small Industries Development Bank of India (SIDBI) and the Technology Development Board.
Established as a pioneer in the field of space technology, Dhruva Space continues to chart a trajectory of innovation and growth, solidifying its position as a frontrunner in India’s rapidly evolving space industry landscape.
