Indian space-tech startup raises $9.4M to build spacecraft manufacturing facility
Dhruva Space, an Indian space-tech startup, has successfully raised $9.4 million in its latest funding round. The funds were sourced from a mix of equity and debt financing, with contributions from investors such as IAN Alpha Fund and the Technology Development Board, along with existing supporters. According to Sanjay Nekkanti, the company's founder and CEO, these funds will be channeled toward initiating the development of a large-scale spacecraft manufacturing facility in Hyderabad.
Dhruva Space has completed four space missions in two years
The proposed spacecraft manufacturing facility, spanning 280,000 square feet, is a direct result of the government's increased focus on supporting space tech startups. Over the past two years, Dhruva Space has completed four space missions and deployed a third of the 24 payloads authorized by the Indian National Space Promotion and Authorization Center (IN-SPACe). Nekkanti stated that these payloads include deployers, satellites, communication systems, and nanosatellite platforms.
The new facility will be located near Shamshabad's international airport
The new facility will be strategically located near Shamshabad's international airport. It is designed to house production units for spacecraft solar arrays, satellite subsystems, and launch vehicle separation systems. Additionally, it will accommodate an assembly integration and testing facility. Nekkanti believes that this funding will play a crucial role in meeting the growing global demand for satellites and satellite-enabled services by facilitating the production of Dhruva Space's full-stack products.
Dhruva Space plans to secure additional funding in coming years
Dhruva Space reported total revenues of ₹15 crore for the fiscal year ending March 2024. The company anticipates significant revenue growth in the coming years. To support its infrastructure needs and ongoing projects, Dhruva Space plans to secure additional funding exceeding $30 million within the next year to year-and-a-half. The latest funding round brings the company's series A funding to a total of ₹123 crore (approximately $14 million), providing crucial backing for its expansion and capability enhancement initiatives.
