Dhruva Space bags $9 million from IAN Alpha Fund, others
Spacetech startup Dhruva Space has raised $9.4 million (Rs 78 crore) in a mix of equity and debt from IAN Alpha Fund, Technology Development Board and other existing investors in its latest funding round. The capital infusion, of which Rs 44 crore was in debt, will help the Hyderabad-based startup set up its first phase of its 2.8 lakh sq ft spacecraft manufacturing facility in the city, founder and CEO Sanjay Nekkanti told ET.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe latest funding comes amid a big push from the government towards startups in the spacetech sector. It had invited the founders of spacetech startups such as Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace and Dhruva Space to meet Tesla and SpaceX chief Elon Musk in New Delhi on Monday, a visit that now stands postponed.
Dhruva Space has completed four space missions over the past two years.
In these missions, the startup has sent eight of the total 14 number of payloads in space authorised by the government’s Indian National Space Promotion and Authorisation Centre (IN-SPACe) in the last 24 months. These include deployers, satellites, communication systems and nanosatellite platforms, Nekkanti said.
The Hyderabad facility, housed in Shamshabad near the international airport, will comprise manufacturing units
