Manastu Space raised $3 Million Funding Round Led by IAN
Manastu Space has successfully raised $3 million in pre-Series A funding, led by the Indian Angel Network (IAN). The funding round included notable IAN investors such as KRS Jamwal from Tata Industries, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre. Co-Founded by Ashtesh Kumar, Manastu Space is actively developing a versatile green propulsion system designed for satellites that aims to enhance their maneuverability in space and protect them from potential collisions with space debris.
Manastu Space has received funding to develop its green propulsion system for satellites weighing between 100-500 kg, and to expand its business. The company plans to implement its eco-friendly propulsion system and autonomous collision avoidance system, and further its R&D program. Additionally, they plan to conduct a test flight next year to validate their technology. The company is also designing a space-based fuel station to offer in-orbit refueling services for satellites, preventing them from being abandoned when their onboard fuel is exhausted.
Padmaja Ruparel, the Co-Founder of Indian Angel Network, has expressed confidence in Manastu Space's potential to contribute to India's commercial space ecosystem and the global space technology industry. She said, "Manastu Space's product complements the commercial space ecosystem of India. As they continue to build and grow, I am confident that Manastu will find its rightful place in the global space technology industry".
Tushar Jadhav, one of the Co-Founders of Manastu Space, emphasized that the investors share the company's vision for the future, where advancements in space technology are aligned with environmental responsibility. The investors' confidence in Manastu Space's product reflects a collective desire for a future in which progress in space technology goes hand in hand with environmental responsibility. It's worth noting that the company has already secured crucial contracts, including one with the Indian Defense, entered into partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, indicating the significant potential of their product. Last month, Manastu Space raised $3 million in funding, with Capital 2B, BIG Capital, and E2MC leading the round, and Baring India, Wealthy, Roots Ventures, Riceberg Ventures, the founders of Atomberg, Spectrum Impact, and the family office of Aarti Industries also participating.
Manastu Space has received funding to develop its green propulsion system for satellites weighing between 100-500 kg, and to expand its business. The company plans to implement its eco-friendly propulsion system and autonomous collision avoidance system, and further its R&D program. Additionally, they plan to conduct a test flight next year to validate their technology. The company is also designing a space-based fuel station to offer in-orbit refueling services for satellites, preventing them from being abandoned when their onboard fuel is exhausted.
Padmaja Ruparel, the Co-Founder of Indian Angel Network, has expressed confidence in Manastu Space's potential to contribute to India's commercial space ecosystem and the global space technology industry. She said, "Manastu Space's product complements the commercial space ecosystem of India. As they continue to build and grow, I am confident that Manastu will find its rightful place in the global space technology industry".
Tushar Jadhav, one of the Co-Founders of Manastu Space, emphasized that the investors share the company's vision for the future, where advancements in space technology are aligned with environmental responsibility. The investors' confidence in Manastu Space's product reflects a collective desire for a future in which progress in space technology goes hand in hand with environmental responsibility. It's worth noting that the company has already secured crucial contracts, including one with the Indian Defense, entered into partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, indicating the significant potential of their product. Last month, Manastu Space raised $3 million in funding, with Capital 2B, BIG Capital, and E2MC leading the round, and Baring India, Wealthy, Roots Ventures, Riceberg Ventures, the founders of Atomberg, Spectrum Impact, and the family office of Aarti Industries also participating.
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