A Hyderabad-based end to end solution provider for building small satellites, Dhurva Space has secured Rs 5 crores in a collective angel round funding from Mumbai Angels, Ravikanth Reddy and other external angels.
Ravikanth Reddy Managing Director of Hotcrete Private ltd., led the new round funding with 37 investors of Mumbai Angels Network from across its chapters.
Dhurva Space, founded by Abhay Eggor, Krishna Teja, and Sanjay Srikanth in 2014, provides end to end solutions from building small satellites, making ground sensors, launching them and monitoring the same through an earth station.
The company has worked with ISRO and European Space Agency (ESA) and has been awarded 50,000 Euros as a grant from the European Space Agency.
Speaking on the new round investment in Dhruva Space, Ravikanth Reddy, MD, Hotcrete private limited, said: “I’m investing in Dhruva Space because of their cutting edge satellite and communications technology and a strong founding team.”
“As space is a sector that will be an integral part of many critical applications in the future. I advise them from time to time to provide relevant contacts to help them grow,” Ravikanth added.
Adding to the statement, Nandini Mansinghka, Co-Promoter, and CEO od Mumbai Angels said, “We are excited about raising the fund for Dhurva Space, as it is the first space tech startup in our portfolio.”
“We see a strong wave in space startups 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 near future,” Mansinghka added.
Speaking on the fundraise from MA and Ravikanth Reddy, Sanjay Nekkanti, Co-founder of Dhurva Space, said, “It was a pleasure working with MA towards our first fundraising. The support extended by the entire MA team has been phenomenal and were diligent and thoroughly professional throughout the process.”
“Looking forward to working with them and benefit from their experience,” he added.