Dhruva Space Raises $15.5 Mn Pre-Series B at $230 Mn Valuation

Hyderabad spacetech startup Dhruva Space is raising Rs 147 crore (approximately $15.5 million) in a pre-Series B round led by IndusBridge Ventures, and Entrackr estimates the deal values the company at around Rs 2,200 crore — roughly $230 million post-money.

The round pulls in a mix of private and government-backed capital. IndusBridge Ventures Fund leads with Rs 60 crore, according to the company's filing with the Registrar of Companies. Antariksh Venture Capital Fund (AVCF) follows with Rs 46.9 crore, increasing its stake after an earlier Rs 60 crore investment in July 2026. Blue Ashva Sampada Fund committed Rs 18.22 crore, and PVS Raju put in Rs 10 crore. Four other investors make up the remainder.

One wrinkle: the filing shows money from Blue Ashva Sampada Fund and Akshat Greentech hasn't arrived yet.

How is the deal structured?

Dhruva Space's board approved the issuance of 1,573 pre-Series B compulsorily convertible preference shares (CCPS) at Rs 9,34,429.47 per share, per the RoC filing.

The ownership math after allotment:

• Blue Ashva Sampada Fund: 6.29%
• Antariksh Venture Capital Fund: 3.32%
• IndusBridge Ventures: 2.73%
• Promoters Sanjay Nekkanti and Chaitanya Dora: 40.74% collectively

AVCF itself is a notable backer. The fund holds a corpus of over Rs 1,000 crore, was established under the guidance of IN-SPACe, and is managed by SIDBI Venture Capital Limited. Government money is now a structural part of Dhruva Space's cap table, not a one-off bet.

Where will the money go?

The filing states the funds will finance development and launch of communication, earth observation and remote sensing satellites, alongside working capital, infrastructure development and general corporate expenses.

Dhruva Space runs a full-stack spacetech business. Founded by Sanjay Nekkanti and Chaitanya Dora, the company offers satellite manufacturing, launch integration and ground station solutions to commercial, government and defence customers. It also provides satellite deployment services and access to space-based data and imagery through its own platforms.

What do the numbers say?

The growth story is real, but so are the losses. Dhruva Space reported operating revenue of Rs 79 crore in FY26 — nearly eight times the Rs 10 crore it posted in FY25. Losses widened 21% year-on-year to Rs 46.6 crore.

That's a classic scale-up trade: revenue compounding faster than costs, but red ink still growing in absolute terms.

Is the sector backing this momentum?

India's spacetech sector has seen a clear pickup in funding activity, with investors showing growing interest in startups across satellite manufacturing, launch vehicles and space-based data services — alongside rising institutional participation and government-backed support for homegrown space technology.

The recent deal sheet backs that up:

• Skyroot became India's first spacetech unicorn after raising $60 million
• Bengaluru-based Pixxel raised $100 million in a Series C co-led by Temasek and Seraphim Space
• Bellatrix Aerospace secured $20 million in a pre-Series B round
• Digantara and Agnikul raised $50 million and $17 million respectively last year

Dhruva Space's Rs 147 crore round, with a state-guided fund doubling down, signals that India's satellite builders can now raise institutional capital at meaningful valuations before turning profitable.