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Manastu Space signs Rs 116 Cr government deal to take its green satellite propulsion to flight readiness
The Technology Development Board will back the Navi Mumbai startup's Rs 277.63 Cr project through optionally convertible debt from the RDI Fund. Inc42 separately reports a fresh Rs 22 Cr equity raise, citing filings.
Manastu Space Technologies, a Navi Mumbai spacetech startup, has signed an agreement with the Technology Development Board (TDB) of the Department of Science and Technology for Rs 116 crore of financial support under the government's Research Development and Innovation (RDI) Fund, according to a government release on October 26. The money comes as optionally convertible debt rather than a grant, and goes towards a project with a total cost of Rs 277.63 crore, ETManufacturing and India Today reported.
The project is meant to build a scalable, integrated green propulsion system for satellites and launch vehicles in the 5 mN to 300 N thrust range, and to move the technology from Technology Readiness Level 6 to level 9, the stage at which a system is proven in operation. Manastu's system runs on a hydrogen peroxide based propellant with additives, with its own engine, propellant feed system and an ultra high temperature ceramic catalyst. The release says the propulsion system has already been demonstrated in space.
"Indigenous propulsion technologies are important for strengthening India's capabilities across the space value chain," TDB secretary Rajesh Kumar Pathak said in the release. The company's cofounder and chief technology officer said the support would help take the platform towards TRL 9 through further development, integration and validation.
Separately, Inc42 reported on October 30, based on regulatory filings, that Manastu has raised Rs 22 crore from Gandhi Securities and Investments, the Thacker Legacy Trusts and a group of angel investors in what appears to be an extension of its Series A, with a further Rs 9.2 crore from Capital A not yet confirmed. Inc42 said the company was founded in 2017 by Tushar Jadhav and Ashtesh Kumar and had earlier raised about $9 Mn from investors including Capital A and the Indian Angel Network. The company did not respond to Inc42's queries, and bharat.digital has not seen a second report confirming the Rs 22 crore figure.
