Key Points
- Bellatrix Aerospace raises ₹167 crore in Pre-Series B round led by Cactus Partners
- Funds will expand manufacturing capacity to meet demand from satellite constellation operators
- Round includes Hero Investment Office, 35 North Ventures and existing investors Inflexor and Pavestone
Bengaluru-based Bellatrix Aerospace has raised $20 million ( about ₹170 crore) in a Pre-Series B funding round to expand manufacturing of its satellite propulsion systems. The round, led by venture capital firm Cactus Partners, was announced on Monday and will fund production expansion to meet growing demand from satellite operators in India and abroad.
The investment comes as India’s space sector opens to private companies following policy reforms. Bellatrix makes propulsion systems, the engines that allow satellites to manoeuvre in orbit, adjust their position and avoid collisions with debris. The company claims its systems are now flight-qualified, meaning they have been tested and proven to work in actual space missions.
For satellite constellation operators planning to launch dozens or hundreds of small satellites, reliable propulsion delivered quickly and at scale is a critical requirement. Bellatrix says it will use the funds to build high-volume production lines capable of delivering systems within six months of order.
The funding round brought in several new investors alongside existing backers. Hero Investment Office, the family office of the Hero Group, participated alongside 35 North Ventures, Indusbridge Ventures and Monarch Holdings.
Existing investors Inflexor Ventures, Pavestone Capital, GrowX Ventures, Startup Xseed and Survam Partners also participated in the round, according to the company’s statement.
“This funding is a definitive signal of confidence in our operational scalability,” Rohan Ganapathy, co-founder and CEO, Bellatrix Aerospace, said. “We are now focused on building a repeatable, reliable production propulsion system.”
Ganapathy added that the investment would allow Bellatrix to increase its annual production capacity significantly to remain competitive with global propulsion suppliers.
Bellatrix was founded more than a decade ago and has focused on developing two types of propulsion: electric propulsion, which uses electricity to accelerate propellant and is efficient for long-duration missions, and green chemical propulsion, which uses less toxic fuels than traditional satellite thrusters.
Amit Sharma, general partner at Cactus Partners, said the founders had spent over ten years developing core technologies. “Their persistence and focus have led to the successful indigenous development of space-qualified products in satellite propulsion systems,” Sharma said.
Cactus Partners said it would work with Bellatrix using what it calls its Growth Acceleration Playbook, a framework for supporting portfolio companies through expansion phases.
Bellatrix Aerospace – multi-million dollar order backlog
Yashas Karanam, co-founder and chief operating officer of Bellatrix, said the company had moved from proving its technology works in space to preparing for factory-scale production.
“By slashing lead times to under six months and optimising our unit economics, we are delivering the industry’s best cost-to-reliability ratio,” Karanam said. He added that the investment would help fulfil what the company described as a multi-million dollar backlog of orders.
The company did not disclose the specific value of its order book or name customers with pending orders.
Bellatrix operates a vertically integrated model, handling design, development, manufacturing, assembly, integration and testing in-house. The company says this approach allows it to control quality and reduce dependence on external suppliers, an important consideration as global supply chains for space components remain constrained.
Indian space sector sees growing private investment
The funding round reflects broader investor interest in India’s space technology sector. Since the government opened space activities to private companies in 2020 through the Indian National Space Promotion and Authorisation Centre (IN-SPACe), startups working on satellites, launch vehicles and related technologies have raised significant capital.
Propulsion systems represent a specialised segment within this market. Satellites require reliable onboard propulsion to maintain their orbital position, perform manoeuvres and eventually deorbit at the end of their operational life. As more Indian and international companies plan satellite constellations, demand for propulsion hardware is expected to grow.
Bellatrix competes with propulsion suppliers from the United States, Europe and other countries. The company has a presence in both India and the USA, according to its statement.
The company said it expects to announce additional customer deployments and commercial milestones in coming months. Terms of the funding round, including the company’s valuation following the investment, were not disclosed.
Your Questions, Answered
How much funding did Bellatrix Aerospace raise?
Bellatrix Aerospace raised approximately ₹167 crore ($20 million) in a Pre-Series B funding round led by Cactus Partners, with participation from Hero Investment Office, 35 North Ventures and existing investors.
What does Bellatrix Aerospace manufacture?
Bellatrix Aerospace manufactures propulsion systems for satellites. These are the engines that allow satellites to manoeuvre in orbit, adjust their position and avoid debris. The company makes both electric and green chemical propulsion systems.
How will Bellatrix use the funding?
The company will use the funds to expand manufacturing facilities and build high-volume production lines. Bellatrix aims to reduce delivery lead times to under six months to meet demand from satellite constellation operators.
Who are the investors in this Bellatrix funding round?
Cactus Partners led the round. New investors include Hero Investment Office, 35 North Ventures, Indusbridge Ventures and Monarch Holdings. Existing investors Inflexor, Pavestone, GrowX, Startup Xseed and Survam Partners also participated.
