Hyderabad’s Dhruva Space Secures $9 Million Investment from IAN Alpha Fund and Others

• ByStartupStory     |    April 22, 2024

Dhruva Space, a pioneering space technology startup based in Hyderabad, has successfully raised approximately $9.3 million (Rs 78 crore) in funding from a consortium of investors, including Indian Angel Network Alpha Fund and Blue Ashva Capital. This latest injection of capital brings Dhruva Space’s Series A funding to a substantial $14 million (Rs 123 crore).

The funding announcement comes amidst a significant governmental push to liberalize the private space sector, underscoring the burgeoning value of India’s space economy. According to regulator IN-SPACe, the sector is poised to reach a staggering $44 billion by 2023.

CEO Sanjay Nekkanti emphasized the pivotal role this investment will play in advancing Dhruva Space’s objectives, stating, “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.”

Established in 2012, Dhruva Space specializes in providing satellites, ground stations, and launch services, offering them as integrated solutions or standalone components for a variety of space-based applications.

The funding will primarily be allocated towards bolstering Dhruva Space’s satellite infrastructure manufacturing facility, spanning 2.8 lakh square feet in Hyderabad. Additionally, the funds will be utilized for strategic acquisitions and enhancing product offerings.

The latest round of investment also includes approximately $1 million (Rs 10 crore) in cross-venture debt from the Small Industries Development Bank of India (SIDBI) and $1.6 million (Rs 14 crore) from the Technology Development Board.

Notable investors in this round include Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.

Dhruva Space’s successful fundraising underscores the growing investor confidence in India’s space technology sector and positions the company for further innovation and expansion in the global market.

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