BackManastu Space raises $3 mn round led by IAN
The funding will help Manastu Space develop its green propulsion system for satellites, ranging from 100-500 kg and scale its business
PremiumNew Delhi: Manastu Space has raised $3 million in pre-Series A round led by Indian Angel Network. IAN investors such as Tata Industries executive director KRS Jamwal, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre participated in the funding round.
The Mumbai-based space-tech startup, according to its co-founder Ashtesh Kumar, is actively developing a versatile green propulsion system designed for satellites, enhancing their manoeuvrability in space and safeguarding them from potential collisions with space debris.
The funding will help Manastu Space develop its green propulsion system for satellites, ranging from 100-500 kg and scale its business. "It is now poised to implement its eco-friendly propulsion system, autonomous collision avoidance system, and further its R&D programme," the company said in a statement.
Manastu Space hopes to validate its technology during a test flight in the coming year. It is also designing a fuel station in space to provide in-orbit refueling service for satellites which otherwise have to be abandoned after the on-board fuel is exhausted.
Padmaja Ruparel, co-Founder at India Angel Network, said, "Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry."
"The investors' belief in Manastu Space's product reflects a shared aspiration for a future where advances in space technology align with environmental responsibility. Notably, the company has already secured key contracts, including one with the Indian Defense, established partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, underscoring the substantial potential of their product," Manastu's another co-founder Tushar Jadhav added.
Last month, the startup raised $3 million round led by Capital 2B, BIG Capital, and E2MC. Baring India, Wealthy, Roots Ventures, Riceberg Ventures, the founders of Atomberg, Spectrum Impact, and the family office of Aarti Industries also participated in the round.
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