Dhruva Space closes ₹78 cr latest funding round

Space-tech startup Dhruva Space has raised Rs 78 crore in a series A2 round from Indian Angel Network and other investors. It plans to use the fund to build its satellite and related infrastructure including orbital deployers, sub-systems and ground station equipment.

The company has raised Rs 45 crore in a Series A fund in 2022 and so far, raised Rs 123 crore, which includes debt component of Rs 10 crore from Small Industries Development Bank of India (SIDBI) and Rs 14 crore from Technology Development Board (TDB), Department of Science and Technology.

The startup is backed by Mumbai Angels, Indian Angel Network, Arvog, Primarc, BlueAshvaCapital, OswaalBooks KshamaCapital, according to data platform Tracxn.

Dhruva plans to use capital for the first phase (one lakh sq ft) of the total 2.8 lakh sq ft satellite infrastructure mass production facility at Shamshabad near Hyderabad. It will be a spacecraft related facility, which is expected to be completed in two years with a capex of around Rs 130 crore.

Sanjay Nekkanti, CEO and co-founder of Dhruva Space said they’re approaching global satellite original equipment manufacturers (OEMs) and raise further capital for the plant based on the needs. Sanjay added that Dhurva aims to generate Rs 1,500 to 2,500 crore in 3-5 years.
Dhurva’s revenue stands at $2.26 lakh as of March 2022, according to Tracxn.

Dhruva Space, founded in 2012, has been developing spacecraft and launch systems and ground segments including mission control software, SSA capabilities, which is an unconventional approach in the space-tech market. Sanjay said gaps in the existing space service ecosystem causes delays, higher cost and technical issues and Dhruva can tap diversified markets with its end-to-end solutions. ToI