Manastu Space, a Mumbai-based space-tech startup, has successfully secured $3 million in a pre-Series A funding round, with Indian Angel Network taking the lead. Investors from IAN, including notable figures like KRS Jamwal of Tata Industries, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, participated in this round.
The startup, co-founded by Ashtesh Kumar, is dedicated to developing an eco-friendly and versatile green propulsion system designed for satellites. This innovative technology enhances satellite maneuverability in space while protecting them from potential collisions with space debris. With the funds raised, Manastu Space is now well-positioned to advance its green propulsion system, autonomous collision avoidance system, and continue its research and development efforts.
Manastu Space’s ambitious plans include validating their technology through a test flight in the coming year. They are also working on designing a fuel station in space to offer in-orbit refueling services for satellites, reducing the need for satellite abandonment due to fuel exhaustion.
Padmaja Ruparel, Co-Founder at Indian Angel Network, recognizes the significance of Manastu Space’s contribution to the commercial space ecosystem in India, and the investors share a vision of advancing space technology while promoting environmental responsibility. The company has already secured contracts with the Indian Defense, formed partnerships with entities like Latitude and iDEX, highlighting the vast potential of their product.
Notably, Manastu Space had recently raised $3 million in a round led by Capital 2B, BIG Capital, and E2MC, with participation from various investors, underlining the strong support and belief in the company’s mission to revolutionize space technology in an eco-friendly manner.
Manastu Space is making waves in the Indian space industries. They have recently secured an impressive $3 Million in funding and are becoming a major player in the Indian space industry. Sending my best wishes to the Manastu Space team!~ Dr Shishir Gupta founder & CEO of StartupLanes
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