Spacetech startup Manastu Space raised ₹22 Cr ($2.3 Mn) from Gandhi Securities and Investments, the Thacker Legacy Trusts, and a clutch of angel investors in what appears to be an extension of its Series A funding round. 

It appears the startup intends to raise a further ₹9.2 Cr from Capital A that has yet to be confirmed. The round size can change before its closure. 

Beyond this sum, the startup also initially issued CCPS worth a further ₹2.5 Cr to Aakash founder Aakash Chaudhry, which were later cancelled. 

Inc42 accessed the funding details through Manastu’s regulatory filings. Queries sent to the startup went unanswered until the time of publication. 

“The purpose of the offer is to raise funds for the research & development, growth, expansion, marketing and general corporate activities of the Company,” its disclosures with the MCA read. 

Notably, the science and technology ministry’s Technology Development Board (TDB) also recently announced that it had committed ₹116 Cr in funding to Manastu in the form of optionally convertible debentures. 

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 has developed a proprietary hydrogen peroxide-based fuel that it claims gives 50% higher performance and is less harmful to the environment than conventional toxic propellants like hydrazine. 

Besides, its debris avoidance systems enable satellites to manoeuvre in orbit, avoid collisions with space debris, adjust trajectories and de-orbit at the end of their operational lives.

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