Manastu Space has raised $3 Mn it its Pre-Series A round led by Capital 2B, BIG Capital, and E2MC
The startup said it would use the funds for deployment of its green propulsion system & debris collision avoidance system, and expansion of in-space services
Founded in 2017, the Mumbai-based spacetech startup specialises in creating propulsion systems for satellites
Mumbai-based spacetech startup Manastu Space has raised $3 Mn in its Pre-Series A round led by Capital 2B, BIG Capital, and E2MC.
The funding round also saw participation from Baring India through Sanchi Connect, Wealthy via Ventures, Roots Ventures, Riceberg Ventures, Atomberg founders, Spectrum Impact, the family office of promoters of Aarti Industries, and some angel investors.
Manastu Space, founded in 2017 by Tushar Jadhav and Ashtesh Kumar, specialises in creating propulsion systems for satellites.
The startup said it aims to utilise the fresh capital to accelerate the deployment of its innovative green propulsion system and debris collision avoidance system, and to expand its in-space services. The funds will also support final-stage testing of the new propulsion system in orbit.
The new propulsion system is designed for agility, safety, efficiency, and affordability. It uses a unique fuel, engine, and catalyst that enables it to mitigate the growing threat of debris collisions and subsequent space pollution, the startup said.
Commenting on the idea to develop a sustainable propulsion system, cofounder Kumar said, “We are developing an agile green propulsion system for satellites to manoeuvre them more easily in space and save them from debris collision. This is a must-have solution to assure current (and growing) needs of space sustainability.”
Highlighting the mounting threat posed by space debris, Kumar said there are approximately 160 Mn pieces of debris travelling at high speeds in space. A single collision could result in even more debris, complicating the safe placement of satellites into their designated orbits.
“We are also working on autonomous collision avoidance and satellite refuelling in space so that we can reuse the satellites. These capabilities will help ensure that space remains sustainable and accessible for future generations,” Kumar added.
The investment comes at a time when the Indian space sector has taken a big leap following the successful landing of Chandrayaan-3 on the Moon and the launch of the country’s solar mission, Aditya-L1.
The Indian government has also been promoting spacetech startups. Earlier this year, the GST Council decided to impose a 0% GST on spacetech startups.
Multiple spacetech startups have raised funding in this year so far. Last week, SatSure secured $15 Mn in its Series A round to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions.
In June, Digantara raised $10 Mn in its Series A1 funding round led by Peak XV Partners to develop its revolutionary Space-Mission Assurance Platform (Space-MAP), which intends to be a one-stop solution for all space operations.
According to Inc42’s analysis, the Indian spacetech market opportunity is estimated to cross $77 Bn by 2030. There are over 150 spacetech startups in the country and these startups have together raised more than $218 Mn since 2014.
