Exclusive: CoinDCX co-founder partners with ISRO scientists to launch Astrobase, raises $10 Mn

CoinDCX co-founder Neeraj Khandelwal has partnered with senior ISRO scientists Devakumar Thammisetty, Pawan Kumar, and Prashant M to launch Astrobase, according to sources familiar with the matter.

Astrobase aims to address the growing demand for satellite launches by building cost-efficient, high-payload launch vehicles. “The company is working on a methane oxygen full flow staged combustion engine designed to carry payloads ranging from 3 to 10 tonnes. It plans to offer three configurations of its launch vehicle: fully expendable, partially reusable and fully reusable, with a target launch cost of $300 per kilogram by 2034,” a person familiar with the matter said.

As per sources, the company has secured an engine manufacturing facility in Bengaluru’s aerospace hub and is ready to begin production. “Astrobase is moving from research and development to manufacturing. It has completed engine and vehicle designs for an orbital-class launch system.”

The Bengaluru-based space tech company has raised over Rs 60 crore ($7 million) in its maiden funding round, led by venture firm BanyanCo, as per information sourced from the regulatory filings with MCA. Entrackr estimates the startup’s valuation at approximately Rs 623 crore ($72 million) in this round. The company is preparing to raise additional capital, and its valuation will change accordingly.

Following Entrackr’s story, Khandelwal clarified that the company has closed a $10 million seed round. He mentioned that the engine manufacturing facility is up and running, with 10 senior ISRO scientists on board.

Over the past two years, spacetech startups are gaining momentum over the past few years. In 2024, 13 startups from the segment raised around $85 million in funding. In the ongoing calendar year, 10 such startups have announced their fundraise worth over $15 million. 

In 2025, the Indian government introduced a Rs 500 crore ($58 million) fund through IN-SPACe and approved a Rs 1,000 crore ($116 million) VC fund to support space-tech startups. The funds are intended to increase local development, reduce import reliance, and expand private sector participation in the space sector.

Update at 9:15 PM, July 2: The story and headline have been updated to reflect corrections based on details provided by the company’s founder.