Hyderabad: Hyderabad-based Dhruva Space has become the first company to receive investment from the Antariksh Venture Capital Fund, securing`60 crore to expand its satellite manufacturing, space infrastructure and mission capabilities.
The`1,600-crore AVCF, anchored by IN-SPACe and managed by SIDBI Venture Capital Ltd, has been set up to provide institutional funding to space-tech startups. Dhruva's pre-Series B funding has reached`275 crore. "We are honoured to become the first investee of the Antariksh Venture Capital Fund. It is a strong endorsement our vision and commitment to building sovereign space capabilities from India," said Chaitanya Dora Surapurreddy, Co-founder of Dhruva Space.