Dhruva Space Announces Successful Closure of its Series A Round

Ibadan, 30 April 2024.- Dhruva Space has announced a successful closure of its Series A funding at INR 123 Crores (USD 14.7 million). 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 (USD 5.4 million), while Series A2 brought in INR 78 Crores (USD 9.3 million). Series A2 also includes an INR 10 Crores (USD 1.2 million) venture debt from the Small Industries Development Bank of India (SIDBI) and an INR 14 Crores (USD 1.6 million) 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.

Sanjay Nekkanti, Chief Executive Officer and Co-founder of Dhruva Space, commented, “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.”