(MENAFN- KNN India) Chennai, Apr 22 (KNN)
In a significant move towards vertical integration in India's burgeoning space technology sector, Dhruva Space, a Hyderabad-based startup, has raised Rs 78 crore (USD 9.6 million) in a Series A2 funding round.
The investment was led by IAN Alpha Fund, with participation from existing investors such as Mumbai Angels, Indian Angel Network, Arvog, Primarc, BlueAshvaCapital, OswaalBooks, and KshamaCapital.
The fresh capital influx will be utilised to construct the first phase of Dhruva's ambitious 280,000 square feet satellite infrastructure mass production facility at Shamshabad, near Hyderabad.
This spacecraft-related facility, scheduled for completion within two years with a capital expenditure of around Rs 130 crore (USD 16 million), will enable the company to manufacture satellites, orbital deployers, sub-systems, and ground station equipment.
Sanjay Nekkanti, CEO and co-founder of Dhruva Space, stated that the company is actively pursuing partnerships with global satellite original equipment manufacturers (OEMs) and plans to raise additional funds as needed for the plant's development.
Nekkanti expressed confidence in Dhruva's ability to generate revenue between Rs 1,500 crore (USD 185 million) and Rs 2,500 crore (USD 308 million) within the next 3 to 5 years, a significant leap from its current revenue of USD 2.26 lakh as of March 2022, according to Tracxn.
Founded in 2012, Dhruva Space has taken an unconventional approach in the space-tech market by developing spacecraft, launch systems, ground segments, mission control software, and space situational awareness (SSA) capabilities.
Nekkanti believes that addressing gaps in the existing space service ecosystem will enable Dhruva to tap into diverse markets with its end-to-end solutions, reducing delays, costs, and technical issues.
This latest funding round follows Dhruva's Rs 45 crore Series A raise in 2022, bringing the total capital raised, including debt components of Rs 10 crore from SIDBI and Rs 14 crore from Technology Development Board (TDB), Department of Science and Technology, to Rs 123 crore.
As India's private space industry continues to gain momentum, Dhruva Space's vertical integration strategy positions it as a key player in the country's efforts to establish a self-sufficient space technology ecosystem.
(KNN Bureau)
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