Manastu Space Secures INR 22 Crore in Extended Series A and INR 116 Crore TDB Backing

The regulatory filings indicate that the deployed proceeds are earmarked for core research and development, commercial expansion, general corporate purposes, and marketing activities.

Public Sector Leverage and Technology Objectives

Operating under the Department of Science and Technology, the TDB structured its funding via the Research Development and Innovation (RDI) Fund. The primary objective of this capital is to elevate Manastu Space’s proprietary propulsion technology from Technology Readiness Level (TRL) 6 to TRL 9. TDB secretary Rajesh Kumar Pathak noted that indigenous propulsion systems are critical for the domestic space ecosystem, justifying sustained state backing for technology projects requiring heavy capital expenditure.

With lifetime equity fundraising sitting near USD 9 million (roughly INR 85.71 crore), the TDB debt commitment is roughly 1.35 times the total equity capital injected by private venture investors since inception. This dynamic highlights a funding model where state-backed debt instruments outpace traditional venture capital inflows for capital-intensive hardware and deep-tech enterprises.

Green Propulsion Technology and Commercial Strategy

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu Space focuses on developing alternative propulsion systems anchored by a hydrogen peroxide-based propellant mixed with special additives. The architecture pairs this fuel formulation with an integrated engine and catalyst system, engineered to deliver thrust ranging from 5 millinewtons to 300 newtons to accommodate both micro-satellites and larger spacecraft.

• Core Product Development: Propulsion engines, specialized propellant feed systems, and ultra-high-temperature ceramic catalysts designed for demanding operational environments.
• Performance Claims: The company states that its proprietary propellant formulation yields 50% higher performance metrics than traditional toxic propellants such as hydrazine, while offering a reduced environmental footprint. Independent test data has not been publicly released to verify this claim.
• Operational Advantages: Conventional propellants require hazardous material handling, specialised ground infrastructure, and complex storage protocols that inflate pre-launch budgets. Manastu is also engineering in-orbit refuelling systems and debris-avoidance capabilities to help satellites execute trajectory adjustments and de-orbit safely at the end of their operational lifecycle.

In technological terms, reaching TRL 6 implies that a prototype has undergone successful demonstration in a relevant environment, whereas TRL 9 signifies a system fully proven through successful space flight operations.

Competitive Landscape and Market Projections

Within the commercial satellite propulsion sector, market intelligence points to Bellatrix Aerospace and Dhruva Space as key peers. Industry reports project that the global satellite propulsion market will expand at a compound annual growth rate of 17.60% to achieve a valuation of USD 4.70 billion by 2031.

Broader Indian spacetech funding data compiled by Dealroom indicates that domestic startups within the sector raised an aggregate USD 200 million in 2025. Prominent peers such as Skyroot Aerospace and Digantara each attracted approximately USD 50 million in reported funding rounds, placing Manastu Space at a lower absolute equity scale prior to accounting for the TDB debt allocation.