Monday, 2 December 2019

Dhruva Space raised collective funding of INR 5 Crores from Mumbai Angels Network & other external Angel Investors

Dhruva Space raised collective funding of INR 5 Crores from Mumbai Angels Network & other external Angel Investors
December 3, 2019:
Dhruva Space, a private Space company, has raised a collective angel funding of INR 5 Crores from Mumbai Angels Network and other external angel investors.  Dhruva founded by Abhay Egoor,  Krishna Teja , Sanjay Srikanth in 2014, is based out of Hyderabad that enables privatization of space assets by enabling corporate to build, launch and track constellation of small satellites.
37 investors of the Mumbai Angels Network, across all its chapters, have participated in this round.
The Deal was led by Ravikanth Reddy, Managing Director, Hotcrete private limited. “I'm backing Dhruva because of their cutting edge satellite & communications technology and a strong founding team. Space is a sector that will be an integral part of many critical applications in the future. I will advise them from time to time and provide relevant contacts to help them grow,” said Reddy.
Commenting on the fundraise, Co-founder Sanjay Nekkanti said, “It was a pleasure working with MA towards our first fund raise. The support extended by the entire MA team has been phenomenal. They were diligent and thoroughly professional throughout the process. Looking forward to working with them and benefit from their experience”
Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “We are excited about raising funds for Dhruva Space, the first space tech start-up in our portfolio. We see a strong wave in space start-ups both from the number of companies approaching us for investments and investors keen to invest in this space. We are extremely bullish about participating in this industry defining the near future.”
About Mumbai Angels Network:

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

About Dhruva Space:
Dhruva Space provides end to end solutions from building small satellites, making ground sensors, launching them and monitoring the same via earth stations. The company is working with ISRO and European Space Agency (ESA). The company has been awarded a grant from European Space Agency (ESA) for 50,000 Euros. Once they set up an entity in Austria and do the other necessary formality as part of the agreement, they will be able to access the grant.

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