Spacetech startup Dhruva raises $9.4 M from IAN Alpha Fund, others

Hyderabad-based spacetech startup Dhruva Space has raised USD 9.4 million (INR 78 crore) in a mix of equity and debt from IAN Alpha Fund, Technology Development Board and other existing investors. The capital infusion, of which INR 44 crore was in debt, will help the startup set up its first phase of its 2.8 lakh sq ft spacecraft manufacturing facility.Founded in 2012 by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor and Krishna Teja Penamakuru, Dhruva Space is a space engineering solutions provider based in India and in Graz, Austria. The company is active across three areas – satellites manufacturing, launch, and ground segments – supporting civilian and defence clients globally.The company registered INR 15 crore in revenues in the financial year ended March 2024.