The funds will be used for expanding Bellatrix’s product portfolio, developing its existing products, hiring talent and developing its infrastructure
Bengaluru-based spacetech startup Bellatrix Aerospace has raised $8 million in a Series A funding round led by BASF Venture Capital GmbH and Inflexor Ventures.
The funding round saw participation from institutional investors like StartupXseed, Pavestone Capital, Mankind Pharma family office, Survam Partners and Karsemven Fund, along with several angel investors and family offices.
The funds will be used for expanding Bellatrix’s product portfolio, developing its existing products, hiring talent and developing its infrastructure.
Bellatrix will employ the fresh capital to test its four space propulsion technologies and plans to venture into the market by the end of this year, the statement said. It will further use the funds to convert into a space transportation tech company by adding orbital transfer vehicles to its offerings.
Founded in 2015 by Rohan Ganapathy and Yashas Karanam, the startup is a full-suite solution provider of in-space propulsion systems, offering both chemical and electric propulsion technologies.
In 2019, Bellatrix secured $3 Mn in its pre-Series A funding round from IDFC-Parampara, StartupXseed, Karsemven Fund and Survam Partners.
The startup competes with the likes of SatSure, Skyroot Aerospace, Agnikul Cosmos, and Dhruva Space.
The government has been focusing on boosting spacetech startups in the country. It is also looking at allowing FDI in the spacetech sector.