Hyderabad-based space tech startup Dhruva Space has become the first company to receive funding from the Antariksh Venture Capital Fund (AVCF), securing a ₹60 crore investment from the government-backed space technology fund. The announcement was made at the 10th IN-SPACe Industry Connect event in Ahmedabad. The fund, anchored by IN-SPACe and managed by SIDBI Venture Capital Limited, was initially approved in 2024, but due to regulatory processes and the early-stage nature of India’s spacetech ecosystem, it was postponed to begin investing in early FY 2027. This investment marks the first deployment of capital from the ₹1,005 crore AVCF. Dhruva Space currently has an order book exceeding ₹500 crore, and with this investment, its ongoing pre-Series B round has reached ₹275 crore, including ₹150 crore in equity and ₹125 crore in debt financing. Chaitanya Dora Surapureddy, Co-founder of Dhruva Space, said the investment validates the company’s long-term strategy, enabling it to accelerate infrastructure development, scale manufacturing, and execute on its growing order book. Arup Kumar, Managing Director and CEO of SIDBI Venture Capital Limited, said the investment reflects confidence in companies that can combine innovation, manufacturing and commercial deployment.