Insider Brief:
- Dhruva Space has raised $15 million in its Series A funding round.
- In addition to the equity investment, Dhruva Space secured approximately $3.6 million in venture debt.
- The funds raised will be utilized to expand Dhruva Space’s spacecraft manufacturing facilities, pursue strategic business acquisitions, and enhance its product offerings.
Dhruva Space, a Hyderabad-based space tech startup, has raised $15 million in its Series A funding round. The investment comes from a consortium of 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.
In addition to the equity investment, Dhruva Space secured Rs 24 crore (approximately $3.6 million) in venture debt, with Rs 10 crore from Small Industries Development Bank of India (SIDBI) and Rs 14 crore from Technology Development Board.
Co-founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched eight payloads, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024. The company operates across space, launch, and ground segments, catering to civilian and defense clients globally and offers integrated solutions combining satellites with Earth Stations and Launch Services, as well as standalone technology solutions for various space-based applications.
The funds raised will be utilized to expand Dhruva Space’s spacecraft manufacturing facilities, pursue strategic business acquisitions, and enhance its product offerings, according to a company press release.
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