Space technology startup Dhruva Space has recently secured approximately Rs 78 crores from various investors in its Series A2 fundraising round. Notable contributors include the IAN Alpha Fund, the Department of Science & Technology’s Technology Development Board (TDB), IvyCap, SilverNeedle Ventures, and other existing investors. With this recent influx of capital, the Hyderabad-based company has amassed a total of Rs 123 crore.
The newly acquired funds will be allocated towards the construction of Dhruva Space’s spacecraft manufacturing facility. The initial phase of this facility will span approximately 1.2 lakh square feet out of the intended 2.8 lakh square feet and will be situated in Shamshabad, Telangana. The focus of this facility will revolve around the design, engineering, assembly, integration, and testing of spacecraft solar arrays for both manned and unmanned space programs.
In addition to its facility expansion, Dhruva Space intends to continue offering its bespoke missions as part of its Launching Expeditions for Aspiring Payloads (LEAP) series for the global market. The company has successfully completed four missions within the last two years and aims to launch an additional six in the near future, demonstrating its remarkable growth and potential.
Chaitanya Dora Surapureddy, the chief financial officer (CFO) of Dhruva Space, has conveyed the company’s optimistic trajectory, highlighting a 300% annual revenue growth since 2019. The recent round of fundraising will facilitate accelerated growth, investment in innovation, and the reinforcement of its position in the global space market.
The space engineering solutions provider operates in India and Graz, Austria, catering to civilian and defense sectors in various countries including the US, the UAE, the UK, Singapore, Australia, France, and Chile. The secured funds align with the recent revision of the Foreign Direct Investment (FDI) policy for the space sector by the Indian government, aimed at attracting investors, promoting self-reliance, and integrating Indian companies into the global space value chain.
This policy amendment represents a significant advancement for the ecosystem, enabling broader access to capital and bolstering the confidence of early-stage Indian investors. It is poised to enhance capital accessibility and further cultivate the growth of startups in the space technology industry.
In light of these developments, Dhruva Space is also in discussions with the Export-Import Bank of India (EXIM Bank) for additional debt assistance, underscoring the company’s strategic approach towards funding its growth and expansion plans. The significance of this partnership and investment has been acknowledged by industry leaders, reaffirming their confidence in Dhruva Space’s potential to prosper in the space-tech industry.