Hyderabad-based Dhruva Space announces closure of Series A round at Rs 123 crore

Dhruva Space, a Hyderabad-based full-stack space engineering solutions provider, today announced the closure of its Series A funding at Rs 123 crore.

According to the startup, the raised capital will be utilized towards its upcoming spacecraft manufacturing facility, strategic business acquisition plans, and enhanced product offerings to deploy them to the global market.

Who led the round?

The Series A round saw participation from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. 

This includes an Rs 10 crore venture debt from the Small Industries Development Bank of India (SIDBI) and an Rs 14 crore venture debt from the Technology Development Board. Dhruva Space’s Series A1 brought in Rs 45.51 crore, while Series A2 brought in Rs 78 crore.

Expanding operations

With this new capital, Dhruva Space plans to kick off the development of the first phase—around 120,000 square feet—of the 280,000 square-foot spacecraft manufacturing facility, strategically located in Shamshabad, Telangana.

Founded in 2012 by Sanjay Nekkanti, Dhruva Space has launched 8 payloads in the last 24 months, including the Thybolt satellite mission in November 2022 and the LEAP-TD mission on January 1, 2024. Building on this, the coming years will see several customer launches with the company’s P-30 nanosatellite platform and P-90 microsatellite platform.

It has also partnered with CNES, Kinéis, Comat, Swedish Space Corporation, an Australian company for the LEAP-1, and various satellite imagery providers globally.

Leadership comments

Sanjay Nekkanti, Chief Executive Officer and Co-founder of Dhruva Space said, “Our vision has always been to provide cohesive full-stack technology solutions to customers to go to Space frequently and securely, at a competitive price point. With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation 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.”

Chaitanya Dora, Chief Financial Officer and Co-founder of Dhruva Space, adds, “We have visionary, strong and supportive investors whose trust and confidence in Dhruva Space over the years have extended beyond the monetary well into collaboration. Since 2019, Dhruva Space is on a positive trajectory, observing a 300% annual growth in revenue, and this fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global Space market.”

What did investors say about Dhruva Space?

Padmaja Ruparel, Senior Partner IAN Alpha Fund, said, "We are very excited by the stellar team of Dhruva Space founders: Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru. They demonstrated their ability to build innovative products for one of the most difficult sectors in the country, in a resilient and capital-efficient way. Their expertise and excitement built our confidence that Dhruva Space will create a place for itself in the global space-tech industry.”

Satya Narayan Bansal, Founder and CEO at Blue Ashva, said, "Start-ups equipped with Space-qualified technologies are indeed rare, and Dhruva Space stands out prominently among them," Bansal remarked. "Achieving four successful Space missions within a span of two years underscores Dhruva's remarkable pace and proficiency in execution."

Vikram Gupta, Founder and managing Partner of IvyCap Ventures, said, "We are happy to support Dhruva Space's innovative journey in reshaping space technology. Their track record, visionary team, and global engagements set them apart, paving the way for transformative advancements in the industry."