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Spacetech startup Dhruva Space has netted ₹60 Cr ($6.3 Mn) in funding from IN-SPACe’s recently commissioned VC fund Antariksh Venture Capital Fund (AVCF).

The fresh investment in the spacetech startup is part of its ongoing pre-Series B funding round which stands at ₹275 Cr raised to date, comprising ₹150 Cr in equity and ₹125 Cr in debt financing.

The investment marks the maiden deployment from the SIDBI-managed ₹1,600 Cr Antariksh Venture Capital Fund (AVCF), a dedicated spacetech fund anchored by a ₹1,000 Cr commitment from IN-SPACe, India’s space sector regulator and promoter. 

Launched to catalyse private investment in the country’s space ecosystem, the Category II AIF is targeting a total corpus of ₹1,600 Cr and intends to back early and growth-stage Indian spacetech startups across launch systems, satellites, in-space services, ground infrastructure, earth observation, communications and downstream applications. 

The fund was first announced in the Union Budget 2024 and is expected to invest in about 35 startups over the next five years. 

For Dhruva Space, the fresh capital will support the startup to expand its satellite manufacturing capabilities, develop space infrastructure, advance critical technologies and execute customer programmes across domestic and international markets.

“As demand for space-based solutions continues to grow globally, this capital will enable us to accelerate infrastructure development, scale manufacturing, and execute on our growing order book while contributing meaningfully to India’s emergence as a leading Space industrialisation hub and Spacefaring nation.” Dhruva Space cofounder Chaitanya Dora Surapureddy said.

Founded in 2012 by Surapureddy, Sanjay Nekkanti, Abhay Egoor and Krishna Teja Penamakuru, Dhruva develops end-to-end space engineering solutions, including building small satellites, ground stations, launch solutions and associated mission support — for commercial, government and academic customers. 

Dhruva Space claims to currently maintain an order book exceeding ₹500 Cr, stirred from demand across satellite platforms, space infrastructure, mission services, and strategic national programmes.

Prior to securing the funds from AVCF, Dhruva Space raised ₹105 Cr ($10.9 Mn) in grant support under the Centre’s Research, Development & Innovation Fund (RDIF) for ‘Project Garud’, to help reduce dependence on foreign satellite systems and support high-volume manufacturing of up to 500-600 satellites annually.

The investment comes amid a robust growth for India’s spacetech sector. With the market projected to reach $77 Bn by 2030, the country has been introducing funds to back startups emerging in the sector.

Earlier in June, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) picked three Indian spacetech startups namely, Astrobase Space Technologies, SatSure Analytics and TakeMe2Space for funding under its Technology Adoption Fund (TAF) Scheme.

The post Centre’s Spacetech Fund Makes Maiden Investment, Backs Dhruva Space With ₹60 Cr appeared first on Inc42 Media.