Indian space technology startup Manastu Space has raised Rs 22 crore from investors as part of its ongoing Series A funding round. 

The Mumbai based company secured the investment from Gandhi Securities and Investments, Thacker Legacy Trusts and several angel investors, according to a report by Inc42 published on 30 October.

The company is reportedly looking to raise another Rs 9.2 crore from Capital A. However, this investment has not yet been confirmed, and the final size of the funding round could change before its closure.

According to the company’s regulatory filings, the funds will support research and development, business growth, expansion, marketing and general corporate activities.

Manastu Space is developing green propulsion systems for satellites, along with technologies for in orbit refuelling and space debris avoidance. Its propulsion technology uses a hydrogen peroxide based fuel designed to offer an alternative to conventional toxic propellants such as hydrazine.

These systems can help satellites adjust their positions, avoid collisions with space debris and safely leave orbit after completing their missions.

The latest fundraise comes shortly after the Technology Development Board committed Rs 116 crore to Manastu Space through optionally convertible debentures. This support is part of the government’s Research Development and Innovation Fund.

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, the startup has previously raised around $9 million from investors including Capital A, Capital 2B, Indian Angel Network and E2MC.

The fresh capital could help Manastu advance its technology, strengthen its research capabilities and move closer to commercial expansion in the growing global space industry.

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