Spacetech startup Dhruva Space and deeptech startup Nabhdrishti Aerospace secured early-stage funding, the companies said on Tuesday.
Hyderabad-based Dhruva Space has raised $9.3 million (Rs 78 crore) in a Series A2 funding round led by existing investor Indian Angel Network’s IAN Alpha Fund.
Other existing investors like the Department of Science & Technology's Technology Development Board, IvyCap Ventures, SilverNeedle Ventures, Mumbai Angels, BlueAshva Capital, Arvog and Primarc also participated in the round.
The startup has cumulatively raised Rs 123 crore in funding to date.
Dhruva Space is a spacetech startup that has completed four space missions, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission in January 2024, which observed the validation of the company's P-30 nanosatellite platform.
It is also setting up the first phase of its spacecraft manufacturing facility in Hyderabad.
Nabhdrishti Aerospace raised Rs 3 crore ($360,000) in a pre-seed funding round from IIMA Ventures (formerly IIMA- CIIE).
The capital will aid the development of a fuel flex combustor prototype via testing on the fuel injector and combustor, enabling the company to showcase the proprietary fuel flex technology, it said in a statement.
Founded in 2023 by Rohit Chouhan and Arjun Srivatsa, Nabhdrishti Aerospace designs and develops gas turbine engines for aviation and power generation use cases.
The company’s products cater to decentralized power generation, unmanned aerial vehicles (UAVs), hybrid electric urban air mobility, small planes and helicopter applications.
“This infusion of capital allows us to accelerate our first product development. Our next steps involve recruiting talent, investing in advanced tools and testing infrastructure, and demonstrating our combustion technology,” said Rohit Chouhan, co-founder and chief executive officer.
