Dhruva Space, a space technology startup has secured $15 million, or approximately Rs. 123 crore from Indian Angel Network – IAN, Alpha Fund & Blue Ashva Capital in a Series A funding round.

The round also saw participation from Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.

There is also a venture debt of Rs. 14 crores from Technology Development Board and a venture debt of Rs. 10 crores from SIDBI - Small Industries Development Bank of India.

According to a press release, the proceeds will be used to improve product offerings, make strategic business acquisitions, and build new spacecraft manufacturing facilities.

Dhruva Space, which was founded by Sanjay Nekkanti & Chaitanya Dora, has launched as many as eight payloads in the last 24 months.

These payloads include Thybolt satellites mission in November 2022 and the LEAP-TD mission on January 1, 2024.

The Hyderabad-based space-tech start-up serves civilian & defence clients worldwide and operates in the diverse verticals such as space, launch, & ground sectors. It provides technology solutions to power up the space-based applications on Earth and in space, either in combination with Earth Stations and Launch Services or on their own.

A number of space technology startups, including Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity, have been able to secure adequate funding over the course of the past few years.