Manastu Space Raises ₹22 Cr in Extended Series A Round

Indian spacetech startup Manastu Space has raised ₹22 crore (about $2.3 million) from Gandhi Securities and Investments, the Thacker Legacy Trusts and a group of angel investors. The money appears to be an extension of its Series A round, according to the company's regulatory filings.

The filings suggest the startup also plans to raise a further ₹9.2 crore from existing backer Capital A, though that amount has not been confirmed and the round size may change before it closes. Manastu also initially issued compulsorily convertible preference shares worth ₹2.5 crore to Aakash founder Aakash Chaudhry, but these were later cancelled. The company did not respond to queries before publication.

In its disclosures to the Ministry of Corporate Affairs, Manastu says the funds are meant for research and development, growth, expansion, marketing and general corporate activities.

A busy funding stretch

The round follows an announcement by the Technology Development Board (TDB), under the science and technology ministry, that it had committed ₹116 crore to Manastu in the form of optionally convertible debentures.

Until now the company has raised $9 million from investors including Capital A, Capital 2B, Indian Angel Network, E2MC and BIG Capital. Its previous raise was a $3 million Series A extension in August 2025, used to roll out its green propulsion and debris-avoidance systems commercially.

What Manastu builds

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu is developing a green propulsion system for satellites, an in-orbit refuelling system and debris-avoidance technology aimed at easing orbital congestion. It has built a proprietary hydrogen peroxide-based fuel that it says delivers 50% higher performance than conventional toxic propellants such as hydrazine, with less environmental harm.

Its debris-avoidance systems let satellites manoeuvre, avoid collisions with space debris, adjust trajectories and de-orbit at the end of their lives.

Manastu competes with firms such as Bellatrix Aerospace and Dhruva Space in a global satellite propulsion market projected to grow at a 17.6% CAGR to $4.7 billion by 2031.