State Spacetech Fund Invests ₹60 Crore in Dhruva Space
India's new Antariksh Venture Capital Fund (AVCF), dedicated to space technology, has made its maiden investment in startup Dhruva Space. The investment totals ₹60 crore.
Indian spacetech startup Dhruva Space has secured ₹60 crore (approximately $6.3 million) in funding from the Antariksh Venture Capital Fund (AVCF), recently commissioned by IN-SPACe. This marks the fund's first investment.
The funding is part of Dhruva Space's ongoing Pre-Series B round, which has raised a total of ₹275 crore to date, including ₹150 crore in equity and ₹125 crore in debt financing.
The AVCF, managed by SIDBI, aims to catalyze private investment in India's space sector and plans to support early and growth-stage spacetech startups. The fund targets a total corpus of ₹1,600 crore.
Dhruva Space intends to use the capital to expand its satellite manufacturing capabilities, develop space infrastructure, and advance critical technologies. The company reports an existing order book exceeding ₹500 crore from domestic and international clients.