Manastu Space Secures $3 Million Funding Round Led by IAN
- ByStartupStory | October 26, 2023
Mumbai-based space technology startup, Manastu Space, has successfully raised $3 million in a pre-Series A funding round led by the Indian Angel Network (IAN). The funding round included notable IAN investors such as KRS Jamwal from Tata Industries, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre.
Manastu Space, co-founded by Ashtesh Kumar, is actively working on a versatile green propulsion system designed for satellites. This technology aims to enhance the maneuverability of satellites in space while also protecting them from potential collisions with space debris.
“The funding will help Manastu Space develop its green propulsion system for satellites, ranging from 100-500 kg, and scale its business. “It is now poised to implement its eco-friendly propulsion system, autonomous collision avoidance system, and further its R&D program.” the company announced.
Manastu Space has plans to validate its technology through a test flight in the coming year and is also in the process of designing a space-based fuel station to provide in-orbit refueling services for satellites, preventing them from being abandoned once their onboard fuel is exhausted.
Padmaja Ruparel, Co-Founder at the Indian Angel Network, expressed confidence in Manastu Space’s potential to contribute to the country’s commercial space ecosystem and the global space tech industry. He said, “Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry.”
Tushar Jadhav, another co-founder of Manastu Space, highlighted the shared vision of investors for the future, where advancements in space technology align with environmental responsibility. “The investors’ belief in Manastu Space’s product reflects a shared aspiration for a future where advances in space technology align with environmental responsibility. Notably, the company has already secured key contracts, including one with the Indian Defense, established partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, underscoring the substantial potential of their product,” he stated.
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Last month, Manastu Space secured a $3 million funding round led by Capital 2B, BIG Capital, and E2MC, with participation from Baring India, Wealthy, Roots Ventures, Riceberg Ventures, the founders of Atomberg, Spectrum Impact, and the family office of Aarti Industries.”
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