Dhruva Space Receives $15 Million in Funding to Expand Spacecraft Manufacturing Facility

Dhruva Space Receives $15 Million in Funding to Expand Spacecraft Manufacturing Facility

Dhruva Space, a full-stack Space Engineering solutions provider based in Hyderabad, India, has announced 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 the Small Industries Development Bank of India (SIDBI) and an INR 14 Crores venture debt from the 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 commercialization 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, of 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 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.”

‍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.”

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, of 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.”

Click here to learn more about Dhruva Space's Satellite Platforms listed on SatNow.

Publisher: SatNow

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Satellite NameOrbit Date
BeiDou-3 G4Geostationary Orbit (GEO)17 May, 2023
BeiDou-3 G2Geostationary Orbit (GEO)09 Mar, 2020
Compass-IGSO7Inclined Geosynchronous Orbit (IGSO)09 Feb, 2020
BeiDou-3 M19Medium Earth Orbit (MEO)16 Dec, 2019
BeiDou-3 M20Medium Earth Orbit (MEO)16 Dec, 2019
BeiDou-3 M21Medium Earth Orbit (MEO)23 Nov, 2019
BeiDou-3 M22Medium Earth Orbit (MEO)23 Nov, 2019
BeiDou-3 I3Inclined Geosynchronous Orbit (IGSO)04 Nov, 2019
BeiDou-3 M23Medium Earth Orbit (MEO)22 Sep, 2019
BeiDou-3 M24Medium Earth Orbit (MEO)22 Sep, 2019


Satellite NameOrbit Date
GSAT0223MEO - Near-Circular05 Dec, 2021
GSAT0224MEO - Near-Circular05 Dec, 2021
GSAT0219MEO - Near-Circular25 Jul, 2018
GSAT0220MEO - Near-Circular25 Jul, 2018
GSAT0221MEO - Near-Circular25 Jul, 2018
GSAT0222MEO - Near-Circular25 Jul, 2018
GSAT0215MEO - Near-Circular12 Dec, 2017
GSAT0216MEO - Near-Circular12 Dec, 2017
GSAT0217MEO - Near-Circular12 Dec, 2017
GSAT0218MEO - Near-Circular12 Dec, 2017


Satellite NameOrbit Date
Kosmos 2569--07 Aug, 2023
Kosmos 2564--28 Nov, 2022
Kosmos 2559--10 Oct, 2022
Kosmos 2557--07 Jul, 2022
Kosmos 2547--25 Oct, 2020
Kosmos 2545--16 Mar, 2020
Kosmos 2544--11 Dec, 2019
Kosmos 2534--27 May, 2019
Kosmos 2529--03 Nov, 2018
Kosmos 2527--16 Jun, 2018


Satellite NameOrbit Date
Navstar 82Medium Earth Orbit19 Jan, 2023
Navstar 81Medium Earth Orbit17 Jun, 2021
Navstar 78Medium Earth Orbit22 Aug, 2019
Navstar 77Medium Earth Orbit23 Dec, 2018
Navstar 76Medium Earth Orbit05 Feb, 2016
Navstar 75Medium Earth Orbit31 Oct, 2015
Navstar 74Medium Earth Orbit15 Jul, 2015
Navstar 73Medium Earth Orbit25 Mar, 2015
Navstar 72Medium Earth Orbit29 Oct, 2014
Navstar 71Medium Earth Orbit02 Aug, 2014


Satellite NameOrbit Date
NVS-01Geostationary Orbit (GEO)29 May, 2023
IRNSS-1IInclined Geosynchronous Orbit (IGSO)12 Apr, 2018
IRNSS-1HSub Geosynchronous Transfer Orbit (Sub-GTO)31 Aug, 2017
IRNSS-1GGeostationary Orbit (GEO)28 Apr, 2016
IRNSS-1FGeostationary Orbit (GEO)10 Mar, 2016
IRNSS-1EGeosynchronous Orbit (IGSO)20 Jan, 2016
IRNSS-1DInclined Geosynchronous Orbit (IGSO)28 Mar, 2015
IRNSS-1CGeostationary Orbit (GEO)16 Oct, 2014
IRNSS-1BInclined Geosynchronous Orbit (IGSO)04 Apr, 2014
IRNSS-1AInclined Geosynchronous Orbit (IGSO)01 Jul, 2013