Summary
Dhruva Space, a Hyderabad-based space engineering solutions provider, has successfully concluded its Series A funding round, raising Rs 123 crore. The investment, led by a consortium of prominent investors, will be utilized to develop a spacecraft manufacturing facility, pursue strategic business acquisitions, and enhance product offerings for global markets. The company’s visionary leadership, coupled with strong investor confidence, positions Dhruva Space for accelerated growth and innovation in the competitive space-tech industry.
Dhruva Space’s Rs 123 Crore Series A Funding Signals New Era for India’s Space Industry
Hyderabad, India — Dhruva Space, a leading space engineering solutions provider based in Hyderabad, has announced the successful closure of its Series A funding round, raising a staggering Rs 123 crore. This milestone marks a significant step forward for the company as it endeavors to expand its operations and solidify its position in the global space-tech industry.
Backing from Prominent Investors
The Series A round witnessed enthusiastic participation from a consortium of investors, including Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. The infusion of capital, coupled with venture debt from the Small Industries Development Bank of India (SIDBI) and the Technology Development Board, underscores the robust support garnered by Dhruva Space for its ambitious endeavors.
Strategic Utilization of Funds
Dhruva Space has outlined a strategic allocation of the raised capital, earmarking it for the development of its spacecraft manufacturing facility, strategic business acquisitions, and the enhancement of its product offerings for global deployment. The company’s vision to provide cohesive full-stack technology solutions for space missions resonates strongly with investors, paving the way for transformative advancements in the industry.
Accelerating Growth and Innovation
Sanjay Nekkanti, Chief Executive Officer and Co-founder of Dhruva Space, expressed his optimism regarding the funding, emphasizing its instrumental role in supporting the company’s industrialization and manufacturing efforts. Nekkanti remarked, “With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialization and manufacturing of Dhruva Space’s full-stack products.”
Chaitanya Dora, Chief Financial Officer and Co-founder, echoed Nekkanti’s sentiments, highlighting Dhruva Space’s remarkable growth trajectory and the transformative potential of the latest funding round. Dora affirmed, “Since 2019, Dhruva Space is on a positive trajectory, observing a 300% annual growth in revenue, and this fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global Space market.”
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Investor Confidence in Dhruva Space
Padmaja Ruparel, Senior Partner at IAN Alpha Fund, lauded Dhruva Space’s founders for their innovative approach and capital-efficient execution in the challenging space-tech sector. Ruparel expressed confidence in the company’s ability to carve a niche for itself in the global market.
Satya Narayan Bansal, Founder and CEO at Blue Ashva, commended Dhruva Space for its remarkable pace and proficiency in execution, emphasizing the rarity of start-ups equipped with space-qualified technologies.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, extended his support to Dhruva Space’s innovative journey, citing the company’s track record, visionary team, and global engagements as key factors driving transformative advancements in the industry.
Future Endeavors and Global Impact
As Dhruva Space embarks on its next phase of growth and innovation, fueled by the infusion of Series A funding, the company is poised to make significant strides in reshaping space technology. With a commitment to excellence, visionary leadership, and steadfast investor support, Dhruva Space is set to play a pivotal role in propelling India’s space ambitions to new heights on the global stage.
