Dhruva Space Secures USD 9 Mn Funding from IAN Alpha Fund, Technology Development Board, and Others The Hyderabad-based platform aims to deploy the raised funds for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings.
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Space-tech startup Dhruva Space announced that it has raised USD 9 million (INR 78 crore) in a mix of equity and debt from IAN Alpha Fund, Technology Development Board, and other existing investors in its latest funding round.
IvyCap Ventures, Mumbai Angels, Blume Founders Fund, BIG Global Investment JSC (BITEXCO Group), Silverneedle Ventures, and Mumbai Angels are among the other investors.
The approximate value of its Series A corpus is USD 14 million (INR 123 crore).
The Small Industries Development Bank of India (SIDBI) has provided around USD 1 million (INR 10 crore) in cross venture debt, while the Technology Development Board has contributed USD 1.6 million (INR 14 crore).
The platform aims to deploy the raised funds for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings.
Sanjay Nekkanti, CEO of Dhruva Space, said, "With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation 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, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru, Dhruva Space is a space engineering solutions provider. The company serves both military and commercial customers worldwide in three categories: ground segments, launch, and satellite manufacture.
