Dhruva Space set for galactic growth, announces INR 123 Crores (USD 15 million) for Series A round; poised to expand full-stack offerings, diversify business activities, establish spacecraft manufacturing facility, and expand team

Monday, 22 April 2024 [Hyderabad, TS, India] Today, Dhruva Space, a full-stack Space Engineering solutions provider based in Hyderabad, India, announces a successful closure of their Series A funding at INR 123 Crores. The funding will go towards the company’s upcoming spacecraft manufacturing facility, strategic business acquisition plans, and enhancing product offerings to deploy them to the global market.

Dhruva Space’s Series A round saw significant 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. Dhruva Space’s Series A1 brought in INR 45.51 Crores while Series A2 brought in INR 78 Crores. Series A2 includes an INR 10 Crores venture debt from Small Industries Development Bank of India (SIDBI) and an INR 14 Crores venture debt from Technology Development Board.

Dhruva Space has launched 8 payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 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. This highlights Dhruva Space's extensive business engagements worldwide, including collaborations with CNES, Kinéis, Comat, Swedish Space Corporation, an Australian company for the LEAP-1, and various satellite imagery providers globally.

With this new financing, Dhruva Space is well-positioned to fund ongoing business operations and commercialisation efforts as the company kicks off development of the first phase – around 120,000 square-feet – of the 280,000 square-foot spacecraft manufacturing facility, strategically located in Shamshabad, Telangana.

Sanjay Nekkanti, Chief Executive Officer and Co-founder, Dhruva Space, comments, “This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. 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, 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.”

Padmaja Ruparel, Senior Partner IAN Alpha Fund, comments, "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, expressed his admiration for Dhruva Space's pioneering endeavors. "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."

Highlighting Dhruva Space's latest achievement, Bansal added, "The recent successful validation of the P-30 nanosatellite aboard the PSLV-C58 further solidifies Dhruva's position as a premier destination for global players seeking to deploy their subsystems in Space. Dhruva has effectively established itself as the 'Shopify' for those aiming to leverage hosted payload services on a global scale and it makes Dhruva an ideal venture for investment."

Vikram Gupta, Founder & Managing Partner, IvyCap Ventures, adds, “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.”

About Dhruva Space

Dhruva Space, founded in 2012, is a Full-Stack Space Engineering Solutions provider based in Hyderabad, India, and in Graz, Austria. The company is active across Space, Launch, and Ground segments and supports civilian and defense clients worldwide.

Dhruva Space offers Satellite/s teamed with Earth Station/s and Launch Services as an integrated solution or individually as technology solutions to power space-based applications on Earth and beyond.

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