- Name of the Company: Dhruva Space
- Industry: Spacetech
- Funding Amount: $9.4 million (Rs 78 crore)
- Funding Date: Not specified
- Dilution Percentage: Not specified
- Date of Inception: 2012
- Details about the Founder(s): Founded by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru
Dhruva Space, a Hyderabad-based spacetech startup, has raised $9.4 million (Rs 78 crore) in funding from IAN Alpha Fund, the Technology Development Board, and other existing investors. The funding round comprised equity and debt, including Rs 24 crore in debt.
The freshly raised funds will enable Dhruva Space to set up the first phase of its 2.8 lakh sq ft spacecraft manufacturing facility in Hyderabad. Founded in 2012, Dhruva Space is a full-stack Space-Engineering solutions provider, active across the Space, Launch, and Ground segments, supporting civilian and defense clients globally.
Over the past two years, Dhruva Space has completed four space missions, launching eight out of the 24 payloads authorized by the Indian National Space Promotion and Authorisation Centre (IN-SPACe). These missions included deployers, satellites, communication systems, and nanosatellite platforms.
Sanjay Nekkanti, Founder and CEO of Dhruva Space, stated, “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.”
The facility in Shamshabad, Hyderabad, near the International Airport, will include manufacturing units for spacecraft solar arrays, satellite subsystems, and separation systems for launch vehicles, as well as an assembly, integration, and testing facility.
Including this funding round, the total corpus raised by Dhruva Space in series A funding stands at Rs 123 crore (about $14 million). The spacetech firm also plans to raise over $30 million in the next 12 to 18 months to expand its infrastructure and support the development of programs for its customers.