Manastu Space Secures $3 Million Funding Round Led by IAN
Summary
The funding round included notable IAN investors such as KRS Jamwal from Tata Industries, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre.Manastu Space, co-founded by Ashtesh Kumar, is actively working on a versatile green propulsion system designed for satellites. the company announced.Manastu Space has plans to validate its technology through a test flight in the coming year and is also in the process of designing a space-based fuel station to provide in-orbit refueling services for satellites, preventing them from being abandoned once their onboard fuel is exhausted.Padmaja Ruparel, Co-Founder at the Indian Angel Network, expressed confidence in Manastu Spaces potential to contribute to the countrys commercial space ecosystem and the global space tech industry. Notably, the company has already secured key contracts, including one with the Indian Defense, established partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, underscoring the substantial potential of their product, he stated.Exciting news! Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!Last month, Manastu Space secured a $3 million funding round led by Capital 2B, BIG Capital, and E2MC, with participation from Baring India, Wealthy, Roots Ventures, Riceberg Ventures, the founders of Atomberg, Spectrum Impact, and the family office of Aarti Industries.