Dhruva Space receives Rs 60 Cr under Antariksh Venture Capital Fund
Dhruva Space aims to use the fund for expansion as a full-stack space engineering company, strengthening sovereign spacecraft manufacturing capabilities, accelerating product development, and scaling infrastructure, it said.
Hyderabad-based Dhruva Space has become the first company to receive investment under the Antariksh Venture Capital Fund (AVCF), India’s venture capital fund dedicated to the space sector.
The fund, with a corpus of more than Rs 1,000 crore, has been established under the aegis of IN-SPACe and is managed by SIDBI Venture Capital Limited, a wholly owned subsidiary of the Small Industries Development Bank of India (SIDBI).
Dhruva Space has received Rs 60 crore in investment, which it aims to use for continued expansion as a full-stack space engineering company, strengthening sovereign spacecraft manufacturing capabilities, accelerating product development, and scaling infrastructure, the company said on Monday.
In a statement, Chaitanya Dora Surapureddy, co-founder of Dhruva Space, said, “ This investment is a strong endorsement of Dhruva Space's vision, execution, and long-term commitment to building sovereign Space capabilities from India.”
“The continued support from SIDBI Venture reflects a steadfast belief in Dhruva Space's capabilities, growth trajectory, and contribution to India's evolving Space ecosystem,” he added.
The AVCF aims to provide institutional capital to space-tech start-ups at various stages of development, supporting the scaling of operations and the commercialisation of new technologies.
Arup Kumar, managing director and CEO of SIDBI Venture Capital Limited, said in a statement, “Our first investment reflects a strong belief that the next generation of space leaders will be built by companies that can integrate innovation, manufacturing, mission execution, and commercial deployment under one roof.”