Dhruva Space, a space technology (spacetech) startup, has raised nearly Rs 780 million in a mix of debt and equity from IAN Alpha Fund, Department of Science & Technology’s Technology Development Board (TDB), IvyCap, SilverNeedle Ventures, and other existing investors in its Series A2 fundraising round. This takes the firm’s total funding to Rs 1.23 billion.
According to Sanjay Nekkanti, chief executive officer (CEO), Dhruva Space, the latest funds will be deployed for the development of the first phase of Dhruva Space’s spacecraft manufacturing facility, approximately 0.12 million square feet of the total 0.28 million square feet. The facility will be located in Shamshabad, Telangana.
During the past two years, Dhruva Space has finished four missions. It has sent eight payloads thus far, and it will send six more shortly.
