Exclusive: Manastu Space Raises ₹22 Cr In Ongoing Funding Round

Manastu Space, a spacetech startup founded in 2017 by Tushar Jadhav and Ashtesh Kumar, has raised ₹22 Cr ($2.3 Mn) in an ongoing funding round, according to regulatory filings. The round is believed to be an extension of its Series A funding. The startup aims to utilize the funds for research and development, growth, expansion, marketing, and general corporate activities.

Gandhi Securities and Investments, the Thacker Legacy Trusts, and a number of angel investors participated in the round. Manastu is developing a green propulsion system for satellites, along with an in-orbit refuelling system and debris avoidance technology to reduce orbital congestion risks. The startup has already raised $9 Mn from various investors, including Capital-A, Capital 2B, Indian Angel Network (IAN), E2MC, BIG Capital, and others.

Until now, Manastu had canceled CCPS worth ₹2.5 Cr issued to Aakash Chaudhry, founder of Aakash. The company is also developing a hydrogen peroxide-based fuel that provides 50% higher performance and is less harmful to the environment than conventional toxic propellants like hydrazine. Its debris avoidance systems allow satellites to maneuver, avoid collisions, adjust trajectories, and de-orbit at the end of their operational lives.

Manastu competes with companies like Bellatrix Aerospace and Dhruva Space in the global satellite propulsion systems market, which is forecasted to grow at a compound annual growth rate (CAGR) of 17.6% to reach $4.7 Bn by 2031.