It will use the funds to expand its client base to other key locations, including the US and Middle East
Hyderabad-based space tech firm Dhruva Space has announced that it has raised Rs 22 crore in a funding round led by IAN Fund and Blue Ashva Capital.
This comes as the company is gearing up to launch new offerings like Satellite as a Service, Space-Grade Solar Arrays and Ground Station Solutions, both nationally and globally.
Dhruva said that it is already executing orders worth several million dollars. It will use the funds to expand its client base to other key locations, including the US and Middle East.
Sanjay Nekkanti, co-founder of Dhruva Space said the firm is the only Indian private entity to secure an order for end-to-end design and development of space-qualified solar arrays for satellites.
“With our passion for creating exceptional small satellite systems to help space exploration technology meet human imagination, we are already working on launching our first satellite for a client,” said Nekkanti. “This fundraise will enable us to launch new solutions and expand our footprint to more unique markets both nationally and internationally.”
Padmaja Ruparel, Co-founder at Indian Angel Network (IAN) said over the next decade, it is estimated that nearly 30,000 satellites will be launched into orbit. To enable such rapid and large-scale deployment of space assets, there needs to be a fundamental change in how the satellites are designed, manufactured, and launched.
“This is where Dhruva Space steps in–-offering full-stack space engineering solutions for satellite platforms, launch planning, and ground data reception,” said Ruparel. “Dhruva’s solutions are tailored to meet mission requirements and it is well-positioned to be a category leader.”
Satya Bansal, Founder of Blue Ashva Capital, said India is increasingly becoming a global space-tech hub given her technological prowess and cost leadership. “This new era of Indian Space-tech is reminiscent of India’s IT revolution and shows a bright future ahead for homegrown Space companies to compete at a global scale,” said Bansal.
The company was launched in 2012 by Sanjay Nekkanti, an alumnus of SRM University and part of the team that built India’s first student Satellite and has been joined by Abhay Egoor, Krishna Teja, and Chaitanya Dora, all Alumni of BITS-Pilani, to offer Satellites coupled with Earth Stations and Launch Services as an integrated or individual Indian made solution to power space-based strategic applications to Indian and overseas clients.