Dhruva Space raises $9 million in latest funding round, to set up its 2.8 lakh sq ft spacecraft facility

Spacetech startup Dhruva Space has secured $9.4 million (Rs 78 crore) in a blend of equity and debt financing from investors including IAN Alpha Fund and the Technology Development Board, along with existing backers, in its latest funding round.

This injection of capital, with Rs 24 crore allocated to debt, will facilitate the establishment of the startup’s initial phase of a sprawling spacecraft manufacturing facility spanning 2.8 lakh square feet in Hyderabad, according to founder and CEO Sanjay Nekkanti.

The funding round comes amidst a significant governmental push towards space tech startups. Notably, the government had invited founders from spacetech ventures like Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, and Dhruva Space for a meeting with Elon Musk, the chief of Tesla and SpaceX, in New Delhi. However, this visit has been postponed.

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Over the past two years, Dhruva Space has completed four space missions, deploying eight out of 24 authorized payloads by the Indian National Space Promotion and Authorisation Centre (IN-SPACe). These payloads encompass deployers, satellites, communication systems, and nanosatellite platforms.

The upcoming facility in Hyderabad, located near the international airport in Shamshabad, will include manufacturing units for spacecraft solar arrays, satellite subsystems, and launch vehicle separation systems, along with an assembly integration and testing facility, as per Nekkanti.

The company recorded total revenues of Rs 15 crore in the fiscal year ending March 2024, with expectations of substantial revenue growth in the coming years.

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Dhruva Space aims to raise another financing round exceeding $30 million within the next 12-18 months to address infrastructure needs and advance ongoing programs. Founded in 2012, the company operates in satellite manufacturing, launch, and ground segments, serving civilian and defence clients worldwide.

With the latest funding, Dhruva Space’s series A funding now totals Rs 123 crore (approximately $14 million), providing critical support for its expansion and capability development efforts.

(With inputs from agencies)