![\"Dhruva](\"https:\/\/inc42.com\/wp-content\/themes\/inc42\/img\/datalab-crosslink\/hover-datalab-logo.svg\"){kind=logo}
has netted \u20b960 Cr ($6.3 Mn) in funding from IN-SPACe\u2019s recently commissioned VC fund Antariksh Venture Capital Fund (AVCF).<\/p>\n\t\t\t\t\t\tSUMMARY<\/p>\n
This is the maiden investment made by IN-SPACe anchored VC AVCF and is part of Dhruva Space\u2019s ongoing pre-Series B funding round <\/p>\n
Dhruva Space will use the fresh capital to expand its satellite manufacturing capabilities, develop space infrastructure, advance critical technologies and execute customer programmes<\/p>\n
The Centre launched the Category II AIF last year, with a total corpus of \u20b91,600 Cr, to back early and growth-stage Indian spacetech startups<\/p>\n
Spacetech startup Dhruva Space has netted \u20b960 Cr ($6.3 Mn) in funding from IN-SPACe\u2019s recently commissioned VC fund Antariksh Venture Capital Fund (AVCF).<\/p>\n
The fresh investment in the spacetech startup is part of its ongoing pre-Series B funding round which stands at \u20b9275 Cr raised to date, comprising \u20b9150 Cr in equity and \u20b9125 Cr in debt financing.<\/p>\n
The investment marks the maiden deployment from the SIDBI-managed \u20b91,600 Cr Antariksh Venture Capital Fund (AVCF), a dedicated spacetech fund anchored by a \u20b91,000 Cr commitment<\/a> from IN-SPACe, India\u2019s space sector regulator and promoter.\u00a0<\/p>\n Launched to catalyse private investment in the country\u2019s space ecosystem, the Category II AIF is targeting a total corpus of \u20b91,600 Cr and intends to back early and growth-stage Indian spacetech startups across launch systems, satellites, in-space services, ground infrastructure, earth observation, communications and downstream applications.\u00a0<\/p>\n The fund was first announced in the Union Budget 2024<\/a> and is expected to invest in about 35 startups over the next five years.\u00a0<\/p>\n For Dhruva Space, the fresh capital will support the startup to expand its satellite manufacturing capabilities, develop space infrastructure, advance critical technologies and execute customer programmes across domestic and international markets.<\/p>\n \u201cAs demand for space-based solutions continues to grow globally, this capital will enable us to accelerate infrastructure development, scale manufacturing, and execute on our growing order book while contributing meaningfully to India\u2019s emergence as a leading Space industrialisation hub and Spacefaring nation.\u201d Dhruva Space cofounder Chaitanya Dora Surapureddy said.<\/p>\n Founded in 2012 by Surapureddy, Sanjay Nekkanti, Abhay Egoor and Krishna Teja Penamakuru, Dhruva develops end-to-end space engineering solutions, including building small satellites, ground stations, launch solutions and associated mission support \u2014 for commercial, government and academic customers.\u00a0<\/p>\n Dhruva Space claims to currently maintain an order book exceeding \u20b9500 Cr, stirred from demand across satellite platforms, space infrastructure, mission services, and strategic national programmes.<\/p>\n Prior to securing the funds from AVCF, Dhruva Space raised \u20b9105 Cr<\/a> ($10.9 Mn) in grant support under the Centre\u2019s Research, Development & Innovation Fund (RDIF) for \u2018Project Garud\u2019, to help reduce dependence on foreign satellite systems and support high-volume manufacturing of up to 500-600 satellites annually.<\/p>\n The investment comes amid a robust growth for India\u2019s spacetech sector. With the market projected to reach $77 Bn by 2030<\/a>, the country has been introducing funds to back startups emerging in the sector.<\/p>\n