Dhruva Space lines up ₹147 crore pre-Series B led by IndusBridge as revenue jumps nearly eightfold to ₹79 crore

Hyderabad satellite maker Dhruva Space is set to raise ₹147 crore (about US$15.5 million) in a pre-Series B round led by IndusBridge Ventures, Entrackr reported, citing the company's filings with the Registrar of Companies. The government-backed Antariksh Venture Capital Fund (AVCF) is putting money in again, four months after it made Dhruva its first investment. The same filings show the company's operating revenue rose nearly eightfold in FY26.

The round

Entrackr gives this breakdown of the allotment:

| Investor | Amount | |---|---| | IndusBridge Ventures Fund (lead) | ₹60 crore | | Antariksh Venture Capital Fund | ₹46.9 crore | | Blue Ashva Sampada Fund | ₹18.22 crore |

The other investors make up the rest of the ₹147 crore. Entrackr reports that the Blue Ashva and Akshat Greentech commitments had not yet been received at the time of the filing. Entrackr estimates a post-money valuation of about ₹2,200 crore. That figure is the publication's own estimate, not one the company has announced.

Outlets differ on the details. Most describe the round as being raised, based on board resolutions and filings, while VC Dekho says it has closed. Bizzbuzz cites a larger pre-Series B total of ₹275 crore. The relationship between these figures is not confirmed: Inc42 reported in July that AVCF's maiden ₹60 crore cheque was part of a round then standing at ₹275 crore, split into ₹150 crore of equity and ₹125 crore of debt. Until Dhruva Space confirms the final structure, the ₹147 crore figure from the filings is the clearest number available.

The numbers behind it

The bigger story may be the financials. According to Entrackr:

• Operating revenue rose to ₹79 crore in FY26, from about ₹10 crore in FY25.
• Losses widened 21% year on year to ₹46.6 crore.

Inc42's database puts FY25 revenue at ₹11.1 crore and the FY25 net loss at ₹38.4 crore. The exact growth multiple depends on which base is used, but either way revenue has jumped sharply. That matters because Indian space-tech start-ups have long been criticised for raising on promise rather than sales.

What Dhruva Space builds

Founded in Hyderabad, Dhruva Space makes satellite platforms, deployers and ground-segment services. It flew its first two Thybolt CubeSats in November 2022. Both were 0.5U spacecraft on its P-DoT platform, and by June 2024 they had completed about 15,000 orbits between them before deorbiting. Its LEAP hosted-payload programme flew a technology demonstrator on ISRO's PSLV-C58 in January 2024. Its P-30 satellite bus has since been qualified in orbit, and that qualification underpins its commercial LEAP missions. In December 2024 the company also launched AstraView, a commercial satellite-imagery service.

The company has also been named to the 2026 ASK Private Wealth Hurun India Cheetah Index, a list of start-ups seen as likely to reach unicorn status.

Why AVCF's second cheque matters

AVCF was created to fill a gap that private Indian venture capital has been slow to close: patient capital for hardware-heavy space companies. Its July investment in Dhruva was its first deployment. Backing the same company again within months tells other investors the state fund is willing to stay with its portfolio companies through later rounds. That matters because space hardware needs several years of capital before revenue covers costs.

For India's space economy, the round tests a simple proposition. If a domestic satellite-platform maker can grow revenue nearly eightfold while still losing money, can it reach scale before it needs a much larger round? Dhruva's CEO has previously said the company is aiming for a US$50 million Series B. How much revenue it books in FY27, and how much of it comes from repeat customers, will decide how hard that raise is.

Sources

• https://entrackr.com/exclusive/exclusive-dhruva-space-to-raise-155-mn-in-pre-series-b-revenue-surges-8x-12803436
• https://maliktimes.in/dhruva-space-pre-series-b-rs-147-cr-indusbridge/
• https://vcdekho.com/news/dhruva-space-secures-15-5m-pre-series-b-funding
• https://www.bizzbuzz.news/industry/startups/dhruva-space-wins-funding-from-in-spaces-vc-fund-1397370
• https://inc42.com/buzz/centres-spacetech-fund-makes-maiden-investment-backs-dhruva-space-with-%E2%82%B960-cr/
• https://inc42.com/company/dhruva-space/financials/
• https://www.dhruvaspace.com/dhruva-space-thybolt-mission
• https://www.dhruvaspace.com/press-releases/dhruva-space-to-launch-first-commercial-mission-leap-1-with-india-australia-strategic-collaboration-aboard-spacex-falcon-9
• https://www.dhruvaspace.com/press-releases/dhruva-space-strengthens-full-stack-space-offerings-with-astraview-commercial-satellite-imagery-services-through-robust-global-partnerships
• https://ipocentral.in/dhruva-space-pre-series-b-funding/