Antariksh VC Fund Invests ₹60 Cr in Dhruva Space as First Bet From ₹1,600 Cr Pool
Updated
Updated · inc42.com · Jul 13
Antariksh VC Fund Invests ₹60 Cr in Dhruva Space as First Bet From ₹1,600 Cr Pool
3 articles · Updated · inc42.com · Jul 13
Summary
₹60 crore from Antariksh Venture Capital Fund went to Dhruva Space in the fund’s first deployment, adding to the startup’s ongoing pre-Series B round that has now raised ₹275 crore.
Dhruva Space said the capital will expand satellite manufacturing, build space infrastructure, advance critical technologies and support customer programmes in India and overseas.
₹1,600 crore AVCF—managed by SIDBI and anchored by a ₹1,000 crore IN-SPACe commitment—was launched to back about 35 Indian spacetech startups over five years.
Dhruva, founded in 2012, says it has an order book above ₹500 crore and earlier secured ₹105 crore in grant support for Project Garud to help scale satellite production to 500-600 units annually.
India’s spacetech push is accelerating as the market is projected to reach $77 billion by 2030 and IN-SPACe broadened startup funding again in June through its Technology Adoption Fund.
With a ₹500 Cr order book, can Dhruva Space scale production fast enough to secure India's place in the global space race?
How will India's state-backed funding for its own space startups challenge the dominance of private giants like SpaceX?
Dhruva Space’s Rise and AVCF’s Backing: Powering India Toward a $40 Billion Space Economy
Overview
Dhruva Space is rapidly advancing in India's space sector, driven by major financial support as the first recipient of the space-tech fund managed by SIDBI Venture Capital. This funding is accelerating the company's infrastructure development, scaling up manufacturing, and helping fulfill a growing order book worth over ₹500 crore. A key highlight is Project Garud, a next-generation 500 kg-class communications satellite platform, which received a significant grant from the Government of India’s RDIF. These strategic investments are enabling Dhruva Space to strengthen indigenous capabilities and position itself as a leader in the global space market.