HYDERABAD, India – Dhruva Space, a pioneering innovator of full-stack space engineering solutions, announced a successful Series A funding round totaling INR 123 crores (approximately $15 million USD).
This substantial investment signifies a major step for Dhruva Space, accelerating their expansion within India's growing space sector.
The funding round attracted participation from prominent investors, including the Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.
The company also received venture debt financing from the Small Industries Development Bank of India (SIDBI) and the Technology Development Board.
Funding to Fuel Growth and Innovation
Sanjay Nekkanti, CEO and Co-founder of Dhruva Space, commented on the funding: "This funding demonstrates strong international recognition of Dhruva Space's potential. Our goal is to make space accessible and affordable for customers worldwide. This investment will propel us forward."The funding will be used strategically for:
- Expanding Product Offerings: Developing a wider range of space engineering solutions to meet growing client needs.
- Business Diversification: Expanding strategically within the space industry.
- Building a World-Class Facility: Constructing a 280,000 square foot spacecraft manufacturing facility in Telangana.
- Team Development: Attracting and growing a highly skilled workforce.
Proven Track Record
Dhruva Space boasts notable achievements in the last 24 months, having launched eight payloads including recent satellite missions. They collaborate with international partners to provide a variety of space-based services.Investor Confidence
Satya Narayan Bansal, Founder and CEO of Blue Ashva, expressed confidence in Dhruva Space's trajectory: "They are becoming a go-to platform for deploying space-based technology globally, making them an excellent investment."Vikram Gupta, Founder & Managing Partner of IvyCap Ventures, adds: “Their visionary leadership and global vision positions them well for transformative advancements in space technology.”
