Dhruva Space has begun raising INR 51.76 crore (~USD 6 million) in a pre-Series B round, as per reports, with AVCF1 (Aditum Venture Capital Fund) anchoring the fundraise. The move comes after a board-approved issuance cleared on 29 November.
Dhruva Space pre-Series B Round: Structure & Key Investors
The company has approved the issue of 1 equity share and 553 pre‑Series B preference shares at INR 9,34,429 apiece to aggregate the proposed INR 51.76 crore raise, the filings show. AVCF1 will commit INR 26.16 crore, while Aranya Holding Ventures LLP will invest INR 10 crore; Hyderabad Angel Fund, AR Enterprises, Ativira Technologies and a broader cohort take up the remaining amount, taking the total participants to about 33 investors. Based on the round terms, Dhruva Space’s post‑money valuation is estimated at roughly USD 215 million.
What the Money Supports
While the company has not disclosed a fresh use-of-proceeds note for this tranche, its most recent capital plan centred on industrialising a new spacecraft manufacturing campus at Shamshabad, near Hyderabad. Dhruva Space closed an INR 123‑crore (~USD 15 million) Series A on 22 April 2024 to fund the facility’s first phase of roughly 1.2 lakh sq ft as part of a 2.8 lakh sq ft buildout, alongside product and market expansion.
Execution Track and Partnerships
Dhruva Space says it has launched eight payloads over the past two years, including the Thybolt satellites (November 2022) and the LEAP‑TD mission (1 January 2024). It has flagged multiple customer missions on its P‑30 nanosatellite and P‑90 microsatellite platforms. The company has also broadened its downstream ties, including an Earth Observation‑as‑a‑Service partnership with Bengaluru-based SatSure.
Sector Tailwinds & Funding Climate
Dhruva Space pre-Series B funding comes amid a more supportive capital environment for Indian spacetech. On 17 November, SIDBI Venture Capital marked the first close of its INR 1,600‑crore Antariksh Venture Capital Fund at INR 1,005 crore after an INR 1,000‑crore commitment from IN‑SPACe. The fund will back companies across launch, satellites, in‑space operations and ground systems. “The Antariksh Venture Capital Fund will play an instrumental role in advancing national space capability and competitiveness,” said Arup Kumar, MD & CEO, SVCL.
Prior Funding & Runway
Dhruva Space pre‑Series B funding, the company has raised more than USD 22 million (~INR 197 crore) to date, following its USD 15 million Series A backed by IAN Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BITEXCO Group, IvyCap Ventures, Mumbai Angels and Blume Founders Fund. The company remains a privately held, full‑stack space engineering provider spanning space, launch and ground segments.
Dhruva Space Pre-Series B Funding Highlights
- Round: Pre‑Series B; size INR 51.76 crore (USD 6 million)
- Lead: AVCF1 (Aditum Venture Capital Fund); anchor INR 26.16 crore
- Other investors: Aranya Holding Ventures (INR 10 crore), Hyderabad Angel Fund, AR Enterprises, Ativira Technologies, others (33 participants)
- Instrument: 553 pre‑Series B preference shares + 1 equity share at INR 9,34,429 per share
- Estimated post‑money valuation: ~USD 215 million
- Prior raise: INR 123 crore Series A closed on 22 April 2024; facility buildout at Shamshabad underway
- Track record: Eight payloads in 24 months; missions include Thybolt and LEAP‑TD
Conclusion
Dhruva Space pre‑Series B marks a measured step to extend its runway for manufacturing scale‑up and commercial missions, aligning with a broader upswing in domestic spacetech funding. Further closings or investor additions could follow as the round progresses and regulatory processes conclude.
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