Manastu Space raises $2.31M in Series A extension for green satellite propulsion
What's the deal? Mumbai-based spacetech startup Manastu SpaceDealroom has a profile for this one. Try Dealroom → has raised US$2.99M in what appears to be an extension of its Series A round, according to regulatory filings accessed by Inc42. Gandhi Securities and Investments, the Thacker Legacy Trusts, and a group of angel investors backed the deal.
What's the endgame? Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu is building a green propulsion system for satellites, paired with in-orbit refuelling and debris-avoidance technology. It uses a proprietary hydrogen peroxide-based fuel that it claims delivers 50% higher performance and is less harmful than conventional toxic propellants like hydrazine.
The company said the money will fund "research & development, growth, expansion, marketing and general corporate activities," per its disclosures with the Ministry of Corporate Affairs.
What's new? The round may grow before closing. Manastu intends to raise a further US$1.25M from Capital-ADealroom has a profile for this one. Try Dealroom →, though that remains unconfirmed.
Why now? The raise follows a US$15.8M commitment from the government's Technology Development BoardDealroom has a profile for this one. Try Dealroom →, structured as optionally convertible debentures, to advance green-propulsion work. It also comes after Manastu's $3 million Series A extension in August 2025, which was earmarked for commercial deployment. Total funding to date stands at more than $9 million, from backers including Capital-A, Capital 2BDealroom has a profile for this one. Try Dealroom →, and the Indian Angel NetworkDealroom has a profile for this one. Try Dealroom →.
The signal: The US$2.99M top-up is modest against a fast-moving Indian spacetech market, where startups raised a reported $200 million in 2025 and peers like Skyroot Aerospace and Digantara pulled in $50 million each. Together, the equity and public-sector financing point to growing interest in critical satellite technologies — but the payoff depends on turning development into commercial deployments.
Read more: inc42.com
Image credit: Generated with Gemini
