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Dhruva Space Secures Rs 123 Crore in Series A Funding to Propel Space Engineering Solutions

Hyderabad-based Dhruva Space has announced the successful closure of its Series A funding round, securing an impressive Rs 123 crore. This funding marks a significant milestone for the full-stack space engineering solutions provider as it gears up for ambitious expansion plans.

e capital raised will be allocated towards various strategic initiatives, including the establishment of a cutting-edge spacecraft manufacturing facility, strategic business acquisitions, and the enhancement of product offerings to cater to the global market demand.

Leading the Series A round are prominent investors such as Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. Additionally, Dhruva Space has secured venture debt from the Small Industries Development Bank of India (SIDBI) and the Technology Development Board to fuel its growth further.

With this infusion of capital, Dhruva Space aims to commence the development of its spacecraft manufacturing facility, strategically located in Shamshabad, Telangana. This facility, spanning approximately 120,000 square feet in its initial phase, will play a pivotal role in the company's mission to bolster its production capabilities.

Founded in 2012 by Sanjay Nekkanti, Dhruva Space has already established a strong track record, having successfully launched 8 payloads in the last 24 months, including notable missions like the Thybolt satellite mission and the LEAP-TD mission. Leveraging its expertise and partnerships with industry giants such as CNES, Kinéis, Comat, and Swedish Space Corporation, Dhruva Space is well-positioned to capitalize on the growing demand for satellite-enabled services globally.

Sanjay Nekkanti, CEO, and Co-founder of Dhruva Space expressed his vision of providing comprehensive technology solutions to enable frequent and secure access to space at a competitive price point. He emphasized the importance of this funding in supporting the industrialization and manufacturing of Dhruva Space's products, fostering team growth, and fueling international expansion efforts.

Chaitanya Dora, CFO, and Co-founder of Dhruva Space echoed Nekkanti's sentiments, highlighting the pivotal role of supportive investors in the company's journey. He emphasized the positive trajectory Dhruva Space has been on since 2019, with a remarkable 300% annual growth in revenue.

Investors have expressed confidence in Dhruva Space's capabilities and vision. Padmaja Ruparel, Senior Partner at IAN Alpha Fund, praised the founders' resilience and capital-efficient approach in building innovative products for the challenging space-tech sector. Satya Narayan Bansal, Founder and CEO at Blue Ashva, commended Dhruva Space's impressive pace and proficiency in executing successful space missions within a short span.

As Dhruva Space embarks on its next phase of growth and expansion, the successful closure of its Series A funding underscores its position as a key player in the global space-tech industry.


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