Friday, June 21, 2024
HomeFunding India-Based Dhruva Space Secures $9 Million in Funding

[Funding Alert] India-Based Dhruva Space Secures $9 Million in Funding

Dhruva Space has secured $9.4 million from IAN Alpha Fund, Technology Development Board, and other current investors in a combination of debt and equity.

The initial investment, of which Rs 24 crore was debt, will help the Hyderabad-based company create the first phase of its 2.8 lakh sq ft spaceship production facility in the city, according to founder and CEO Sanjay Nekkanti, who spoke with ET.

Read also – Turkey-Based Midas Secures $45 Million in Series A Funding

A national award-winning space technology company, Dhruva Space Private Limited focuses on developing full-stack space engineering solutions. It has completed four space flights in the past two years.

With it’s most recent funding round, the total corpus raised in series A fundraising was Rs 123 crore, or about $14 million.

Read also – Hong-Kong-Based Animoca Brands Partners with Square Enix

About Dhruva Space

Dhruva Space, a full-stack space-engineering solutions provider, was founded in 2012 by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru. The company operates in the space (satellite platforms & subsystems), launch (deployers), and ground (earth stations) segments.

- Advertisement -
- Advertisment -

Most Popular