Manastu Space Raises ₹22 Cr, Secures ₹116 Cr TDB Commitment

By Nathan Brooks

Inc42 reported that Manastu Space has raised ₹22 Cr ($2.3 Mn) in what appears to be an extension of its Series A round. The Mumbai-based startup raised the money from Gandhi Securities and Investments, the Thacker Legacy Trusts and a group of angel investors. Inc42’s review of regulatory filings shows the round remains open.

Manastu initially issued CCPS worth ₹2.5 Cr to Aakash founder Aakash Chaudhry, but later cancelled them. The startup also seeks another ₹9.2 Cr from Capital A, although that allocation remains unconfirmed. Inc42 said the round’s size can change before closure.

Inc42 accessed the funding details through Manastu’s regulatory filings. Queries to the startup went unanswered before publication, leaving the proposed Capital A participation unconfirmed.

Separately, the science and technology ministry’s Technology Development Board announced a ₹116 Cr commitment to Manastu in optionally convertible debentures. The commitment is more than five times the ₹22 Cr fundraising tranche and gives the startup a second major source of capital.

The two facilities differ in structure and sponsor. The Series A extension draws on private investors, while the TDB commitment comes through a convertible debt instrument. Inc42 disclosed no conversion price or timetable for the debentures.

Manastu was founded in 2017 by Tushar Jadhav and Ashtesh Kumar. It develops a green propulsion system for satellites, coupled with in-orbit refuelling and debris-avoidance technology designed to reduce orbital congestion.

The company claims its proprietary hydrogen peroxide-based fuel delivers 50% higher performance and is less harmful to the environment than conventional toxic propellants such as hydrazine. Its debris-avoidance systems let satellites manoeuvre in orbit, avoid collisions with space debris, adjust trajectories and de-orbit at the end of their operational lives.

Together, the technology package covers propulsion, orbital servicing and end-of-life maneuvering. It gives Manastu exposure to several satellite-operating needs. Inc42’s report did not disclose customer deployments, production volumes or third-party validation of the 50% performance claim.

Inc42’s company profile classifies Manastu as a Series A startup in the Advanced Hardware & Technology sector, with total funding of $9.00 Mn+. The report also said Manastu had raised $9 Mn from Capital-A, Capital 2B, Indian Angel Network (IAN), E2MC, BIG Capital and other investors.

The company last raised $3 Mn in another Series A extension in August 2025. That money was earmarked for the commercial rollout of its green propulsion and debris-avoidance system.

Manastu competes with Bellatrix Aerospace and Dhruva Space in the global market for satellite propulsion systems. Inc42 cited a projection that the market will grow at a 17.6% CAGR to reach $4.7 Bn by 2031.

What does the funding change for satellite operators?

For satellite operators, the practical question is whether Manastu can turn its claimed performance advantage into reliable commercial deployment. The additional capital expands Manastu’s ability to fund research & development, growth, expansion, marketing and general corporate activities, according to its MCA disclosures.

Manastu’s disclosures with the MCA read: “The purpose of the offer is to raise funds for the research & development, growth, expansion, marketing and general corporate activities of the Company.” The stated use of proceeds gives the company room to advance both its propulsion product and debris-avoidance service, but it does not specify individual missions or customer commitments.

The funding changes Manastu’s capacity to compete; it does not settle the operating questions surrounding scale. Until the company discloses deployments and supporting performance data, the strongest evidence for its technology remains company claims and regulatory filings.

The next concrete milestones are the formal closure of the ongoing round, including whether Capital A commits the additional ₹9.2 Cr, and the commercial rollout first targeted in August 2025. Alongside the ₹116 Cr TDB commitment, those steps will show whether Manastu can turn its green-propulsion proposition into scaled satellite services.