Spacetech startup Manastu Space raises $3 Mn led by Capital A

Mumbai-based spacetech startup Manastu Space has raised $3 million in a funding round led by Capital-A. Existing investors including Capital 2B, Indian Angel Network (IAN), E2MC, the Bhagnani Family Office, and Jeet Chandan also participated.

The proceeds will be used for the commercial deployment of the company’s green propulsion and debris-avoidance solutions. 

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu Space plans to expand to the United States, Europe, and Asia. It will engage with satellite original equipment manufacturers, constellation operators, and service integrators.

Manastu Space test-fired its green propulsion system, VYOM 2U, onboard PSLV C-60 in December 2024. The system is a non-toxic alternative to conventional chemical and electric propulsion systems.

The firm aims to move from Technology Readiness Level 8 (TRL-8) to TRL-9, which represents long-term operational use in space. It also plans to develop in-orbit servicing technologies, including satellite refuelling, deorbiting, and mission life extension.

It has contracts with clients such as the Defence Research and Development Organisation (DRDO), French company Latitude, and Innovations for Defence Excellence (iDEX).

According to market research, India’s space sector is projected to reach $40 billion by 2040. This year has seen multiple funding rounds in companies such as Xovian Aerospace, Omspace, Atrophel, and Inbound Aerospace.