Mumbai-based space-tech innovator, Manastu Space, has marked another milestone by securing $3 million in a pre-Series A funding round. Spearheaded by the Indian Angel Network (IAN), the round witnessed participation from influential figures including KRS Jamwal of Tata Industries, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre.
Focused on redefining space technology, Manastu Space’s core initiative revolves around an environmentally-friendly propulsion system tailored for satellites. The system, as co-founder Ashtesh Kumar reveals, is engineered to not only enhance satellite manoeuvrability but also shield them against potential collisions with space debris.
The freshly acquired funds are slated to catalyze the company’s mission. The emphasis will be on perfecting the green propulsion technology suited for satellites in the weight class of 100-500 kg. According to an official company statement, Manastu Space is on track to unveil its green propulsion, autonomous collision avoidance system, and bolster its research initiatives.
Looking ahead, the company is poised for a test flight next year, aiming to validate its novel technology. An ambitious plan is also in the pipeline to establish a space-based refueling station, promising a lifeline to satellites that risk redundancy post onboard fuel depletion.
Padmaja Ruparel, co-founder of India Angel Network, lauded the startup’s vision, underscoring its significance in the broader commercial space sector of India. With its innovative strides, Ruparel is confident of Manastu Space’s ascent in the global space-tech arena.
Further emphasizing the company’s promising trajectory, Tushar Jadhav, another co-founder, highlighted their burgeoning collaborations. From partnering with the Indian Defense to forming alliances with international entities like the French startup, Latitude, and a recent agreement with iDEX, the Defense Innovation Organization, Manastu Space’s future shines bright.
This recent funding success follows close on the heels of another $3 million round last month, with backing from firms like Capital 2B, BIG Capital, E2MC, and more. The ongoing investor interest in Manastu Space, from domestic and international quarters alike, is a testament to its groundbreaking potential in the space-tech domain.
