Dhruva Space looking to raise $20-25 mn in 2 years for satellite infrastructure

Dhruva Space, which has sent two tiny satellites recently, is looking to raise USD 20-25 million in the next one to two years to create infrastructure facilities here to be able to launch satellites weighing up to 100Kg, Abhay Egoor, co-founder and CTO of the city-based startup said.

He also said after the successful launch of Thybolt 1 and Thybolt 2-the tiny satellites into space, the firm is now currently working on a satellite weighing about 30 kg which will be broadly catering to communications and scientific applications, on their P30 platform.

“We are looking to raise or invest about USD 20 to 25 million over the next 1-2 years where this amount of capital would be used to invest and build an infrastructure facility for assembly, integration and testing of satellites up to 100 kg class. We are exploring setting up the same facility in Hyderabad. We are already in conversation with parties,” Egoor told PTI.

He said the decade-old firm has raised USD 8 million funding so far.