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Dhruva Space Closes Series A Funding of $15M

By Abbey Weltman | April 22, 2024

Photo: Dhurva

Dhruva Space, a  space engineering solutions provider based in Hyderabad, India, marked the final close of its Series A funding at 123 Indian crores ($15 million). The funding will go toward the company’s new spacecraft manufacturing facility, business acquisition plans, and product offerings. Dhruva Space announced the end of the funding round on April 22. 

Dhruva Space’s Series A investors include the Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC, IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. 

Dhruva Space launched eight payloads in the last two years including the Thybolt satellites mission in November 2022 and the LEAP-TD mission in January 2024. The company plans on delivering customer launches with its P-30 nanosatellite platform and P-90 microsatellite platform. 

“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,” said ‍Sanjay Nekkanti, CEO and co-founder of Dhruva Space.

With this new financing, Dhruva Space kicks off development with its first phase of building part of its 280,000 square-foot spacecraft manufacturing facility, located in the city Shamshabad in the Indian state of Telangana.