Closes ₹78cr Series A2 Investment for Dhruva Space

Closes ₹78cr Series A2 Investment for Dhruva Space

22 April 2024 – Indian Angel Network and other investors have contributed Rs 78 crore to the space-tech firm Dhruva Space’s series A2 funding round. The money will be used to develop the satellite and any associated hardware, such as ground station equipment, orbital deployers, and subsystems.

In 2022, the firm received Rs 45 crore via Series a financing; so far, it has collected Rs 123 crore, of which Rs 10 crore has come from the Small Industries Development Bank of India (SIDBI) and Rs 14 crore from the Department of Science and Technology’s Technology Development Board (TDB).

According to data platform Tracxn, the firm is supported by Mumbai Angels, Indian Angel Network, Arvog, Primarc, BlueAshvaCapital, OswaalBooks, and KshamaCapital. At Shamshabad, close to Hyderabad, Dhruva intends to spend funds for the first phase of a 2.8 lakh square foot satellite infrastructure mass production factory.


Conclusion

The facility, which would be connected to spacecraft, is anticipated to be finished in two years and cost around Rs 130 crore. Dhruva Space’s CEO and co-founder, Sanjay Nekkanti, said that the company is reaching out to international satellite OEMs and plans to seek more funding for the factory in accordance with its requirements.

Source:Link