Hyderabad-based Dhurva Space has become the first company to receive investment under the Antariksh Venture Capital Fund (AVCF), India’s venture capital fund dedicated to the space sector.
The fund, with a corpus of more than Rs 1,000 crore, has been established under the aegis of IN-SPACe and is managed by SIDBI Venture Capital Limited, a wholly owned subsidiary of the Small Industries Development Bank of India (SIDBI).
Dhurva Space has received Rs 60 crore in investment, which it aims to use for continued expansion as a full-stack space engineering company, strengthening sovereign spacecraft manufacturing capabilities, accelerating product development, and scaling infrastructure, the company said on Monday.
In a statement, Chaitanya Dora Surapureddy, co-founder of Dhruva Space, said, “ This investment is a strong endorsement of Dhruva Space's vision, execution, and long-term commitment to building sovereign Space capabilities from India.”
“The continued support from SIDBI Venture reflects a steadfast belief in Dhruva Space's capabilities, growth trajectory, and contribution to India's evolving Space ecosystem,” he added.
