Hyderabad spacetech company Dhruva Space is set to raise Rs 147 crore in a pre-Series B round led by IndusBridge Ventures. The board has approved the issue of 1,573 pre-Series B shares, according to the company’s filing with the Registrar of Companies.
The round is worth about 15.5 million dollars. The money will go into developing and launching communication, earth observation and remote sensing satellites. Working capital, infrastructure and general corporate expenses will also draw on the funds.
What the filing shows
IndusBridge Ventures has committed Rs 60 crore, the largest cheque in the round. The government-backed Antariksh Venture Capital Fund follows with Rs 46.9 crore. Blue Ashva Sampada Fund has committed Rs 18.22 crore and PVS Raju Rs 10 crore.
Four other investors will supply the rest of the round. The filing also notes that the investments from Blue Ashva Sampada Fund and Akshat Greentech have not yet been received. The round is therefore approved on paper, with part of the money still to arrive.
The shares are priced at Rs 9,34,429.47 each. The round is estimated to value Dhruva Space at about Rs 2,200 crore, or around 230 million dollars. That would lift the valuation from roughly 215 million dollars after the previous tranche.
A round that has been building all year
This is not the first money in the pre-Series B round. An earlier tranche of Rs 51.76 crore closed in December 2025. The Antariksh Venture Capital Fund then put in Rs 60 crore in July 2026, its first ever investment.
The company said in July that the ongoing round stood at Rs 275 crore, split between Rs 150 crore in equity and Rs 125 crore in debt. It also said its order book had crossed Rs 500 crore. The new tranche adds fresh equity to that base.
“We are honoured to become the first investee of the Antariksh Venture Capital Fund.”
Chaitanya Dora Surapureddy, Co-Founder, Dhruva Space
Revenue has grown fast, though the company is still loss-making. Operating revenue rose nearly eightfold to Rs 79 crore in the year to March 2026, up from Rs 10 crore a year earlier. Losses widened 21 percent to Rs 46.6 crore in the same period.
What Dhruva Space actually builds
Dhruva Space is a full-stack space engineering company based in Hyderabad. It builds satellite platforms, the deployers that release small satellites from rockets, and the ground stations that track and command them. It serves civil and defence customers in India and overseas.
The company was founded in 2012 by Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor and Krishna Teja Penamakuru. Nekkanti is chief executive, Surapureddy is chief financial officer, Egoor is chief technology officer and Penamakuru is chief operating officer.
Its track record in orbit is already real. Its Thybolt-1 and Thybolt-2 nanosatellites flew on an ISRO PSLV mission in November 2022. Its LEAP-TD mission followed on 1 January 2024.
Its satellite orbital deployer was qualified in space on an earlier PSLV flight in 2022. That matters because deployers are the hardware that lets many small satellites share one rocket. Dhruva Space also builds ground stations and a software suite for operating them.
Why the timing matters for Indian spacetech
Private Indian spacetech has moved from promise to order books in the past two years. Skyroot became India’s first spacetech unicorn after raising 60 million dollars. Pixxel raised 100 million dollars in a Series C round co-led by Temasek and Seraphim Space.
State support is growing alongside the private money. IN-SPACe recently offered Rs 67.15 crore to four Indian space startups for homegrown satellite technology. Dhruva Space also received a Rs 105 crore grant earlier this year for Project Garud under the Research, Development and Innovation Fund.
What to watch next
The headline number is strong, but the structure deserves a careful read. Part of the round has not yet been received, so the real test is whether every commitment converts into allotted shares. The satellites this money funds will be the clearer proof.
