In a funding round headed by Capital-A, Mumbai-based spacetech startup Manastu Space has raised $3 million. The Bhagnani Family Office, Capital 2B, Indian Angel Network (IAN), E2MC, and Jeet Chandan, among other current investors, also took part.
The money raised will go toward the commercialization of the business’s debris-avoidance and green propulsion technologies.
Tushar Jadhav and Ashtesh Kumar founded Manastu Space in 2017, with plans to grow into the US, Europe, and Asia. It will interact with service integrators, constellation operators, and satellite original equipment manufacturers.
In December 2024, Manastu Space tested its green propulsion system, VYOM 2U, aboard PSLV C-60. Compared to traditional chemical and electric propulsion systems, the system is non-toxic.
The company’s goal is to advance from Technology Readiness Level 8 (TRL-8) to TRL-9, which stands for long-term space operations. Additionally, it intends to create in-orbit servicing technologies, such as mission life extension, deorbiting, and satellite refueling.
Its clients include Innovations for Defence Excellence (iDEX), the French company Latitude, and the Defence Research and Development Organisation (DRDO).
Market research estimates that by 2040, India’s space industry will be worth $40 billion. Companies like Xovian Aerospace, Omspace, Atrophel, and Inbound Aerospace have seen several rounds of funding this year.
