SOURCE: AFI
Dhruva Space, a Hyderabad-based company pioneering full-stack space engineering solutions, has successfully secured ?123 crore in its Series A funding round. This marks a significant milestone for Dhruva Space, propelling them towards their goal of becoming a major player in the Indian space industry.
The funding round saw participation from a distinguished group of investors, including the Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. Dhruva Space expresses their deep gratitude to the investment community for their belief in the company’s vision.
This capital infusion will serve as a powerful catalyst for Dhruva Space’s growth trajectory. The funds will be strategically allocated to fuel several key initiatives:
- Expanding Full-Stack Offerings: Dhruva Space will leverage the funding to broaden their range of space engineering solutions, catering to a wider clientele and market needs.
- Diversifying Business Activities: The company plans to strategically diversify its business ventures within the space industry, fostering innovation and establishing a stronger foothold.
- Building a Dream Facility: A crucial portion of the funds will be directed towards establishing a state-of-the-art spacecraft manufacturing facility spanning a massive 280,000 square feet. This facility will be instrumental in Dhruva Space’s spacecraft production capabilities.
- Empowering the Team: Dhruva Space recognizes the importance of its workforce. The funding will also empower them to build a strong and talented team to propel their endeavors forward.
This Series A funding round signifies a giant leap forward for Dhruva Space. With this crucial financial backing and a clear vision for the future, Dhruva Space is well-positioned to make significant contributions to India’s burgeoning space sector.