Spacetech Startup Manastu Nets $3 Mn To Launch Its Propulsion System

Mumbai-based spacetech startup Manastu Space Technologies has raised $3 Mn (around INR 26 Cr) in an extended Series A funding round led by Capital-A.

The round also saw participation from Capital 2B, Indian Angel Network (IAN), E2MC, Bhagnani family office and other angel investors.

The fresh proceeds will help the startup to commercially roll out its green propulsion and debris-avoidance system. Besides, the capital will also help it in developing other technologies such as satellite refuelling, deorbiting and mission life extension.

Lodha Capital acted as the facilitator for the fundraise, with Manastu aiming to complete its full Series A funding round by mid-2025.

Manastu also aims to focus on expanding its services in global markets such as the US, Europe and Asia, partnering with satellite OEMs, constellation operators and service integrators.

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu is developing a green propulsion system for satellites coupled with its in-orbit refuelling system and debris avoidance technology to reduce the risk of orbital congestion.

The startup claims that its MS-289 propeller gives 50% higher performance and is less harmful to the environment.

The MS-289 also comes with a refuelling option, giving flexibility to satellite operators to save on replacement cost and also reduce space debris.

Prior to its latest investment, the startup raised $6 Mn in total funding till date. It last raised $3 Mn in 2023 led by IAN.

Investor Sentiment Warms Up To Spacetech

The development comes at a time when investors in India have been bullish on the spacetech innovation. A number of spacetech startups have raised funding in the recent past.

The latest is OmSpace Rocket and Exploration, which raised $3 Mn in its pre-seed funding round last month, led by a host of undisclosed family offices and angel investors.

While SatLeo Labs and Astrogate raised $3.3 Mn and $1.3 Mn, respectively, earlier this year.

Apart from private and domestic backing,the Centre also announced an INR 1,000 Cr spacetech fund. The fund was announced in the union budget speech of Finance Minister Nirmala Sitharaman.

The support from the Centre and other domestic investors comes as the space economy is on its way to become a $77 Bn opportunity in India by 2030, according to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023.

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