Exclusive: Indian spacetech firm eyes $25m series A raise for liftoff

Dhruva Space is one of the few spacetech startups trying to leave a mark on India’s nascent private space industry.

Dhruva Space co-founders (from left): Egoor, Nekkanti, Penamakuru, and Dora/ Photo credit: Dhruva Space

The startup was recently in the spotlight when it won the Qualcomm Design in India challenge, where it earned a reward of 6.5 million rupees (US$84,000).

Dhruva Space told Tech in Asia that it is currently in talks with investors to raise up to US$25 million in a series A round of funding.

However, it did not disclose when the funding would be closed.

The star

Dhruva Space was founded in 2012 by Sanjay Nekkanti. The firm’s other co-founders – Krishna Teja Penamakuru, Abhay Egoor, and Chaitanya Dora – joined the company later in 2017.

Photo credit: Dhruva Space

Nekkanti has a masters degree in science specializing in space science and technology from the Lulea University of Technology in Sweden. It was there that he built his first satellite as part of his college project.

But when he returned to India in 2012, he was faced with some prejudice – for one, investors thought he was too young to run a satellite-focused company. This, coupled with the limiting policies for the private space industry in India at the time, led him to briefly pause his efforts for Dhruva Space.

In 2017, co-founders Egoor, Penamakuru and Dora – who were alumni of the Birla Institute of Technology and Science, Pilani – launched an IoT startup called Thybolt. Nekkanti later joined the trio as an advisor at the firm.

In 2018, they decided to resurrect Dhruva after noticing a rise in interest from investors.

The big bang

Almost a year after its launch, Dhruva Space succeeded in raising its first round of funding, which it believes to be a major kickoff point for the spacetech firm. It had reached out to more than 160 angel investors before raising 50 million rupees (US$647,000) in the round, which was led by Mumbai Angels Network.

Last October, the company further raised nearly US$2.8 million in a fundraise led by Indian Angel Network Fund and Blue Ashva Capital.

The trident

An interstellar industry