A Bengaluru startup that began making thrusters for ISRO satellites is now shipping to international clients and scaling up manufacturing. Here’s why Bellatrix Aerospace’s latest fundraise is a landmark moment for India’s private space sector.
The Big Number — $20 Million Pre-Series B
India-based Bellatrix Aerospace announced on March 27 that it has raised $20 million to ramp up production of its satellite propulsion systems after securing its first large commercial customer outside the country.
Cactus Partners Fund led the round with an investment of ₹28.5 crore, followed by Hero Enterprise Partner Ventures with ₹25 crore. GrowX Ventures and 35 North India Growth also participated in the round.
The funding round also included new investors Hero Investment Office, 35 North Ventures, Indusbridge Ventures and Monarch Holdings, alongside existing backers Inflexor, Pavestone, GrowX, Startup Xseed and Survam Partners — all based in India.
This latest raise brings Bellatrix’s total capital raised to a significant milestone — approximately $31 million, according to the company.
The Game-Changer — First International Client
This funding isn’t just about money. It signals something much bigger.
The raise comes after Bellatrix secured its first large commercial customer outside India, with deliveries beginning this month for the undisclosed customer.
An Indian space startup shipping propulsion hardware to an international commercial client — this is the kind of milestone that puts India’s private space sector on the global map.
In the words of Yashas Karanam, Bellatrix’s cofounder and COO:
“We’ve moved from flight-proven to factory-ready. By slashing lead times to under six months and optimizing our unit economics, we are delivering the industry’s best cost-to-reliability ratio.”
What Does Bellatrix Actually Make?
For those unfamiliar — Bellatrix is not a rocket company. It builds the engines that move satellites already in space.
Bellatrix has already supported several missions for India’s space agency with its electric Hall-effect thruster and a propulsion system that uses a less-toxic alternative to hydrazine.
Here’s a breakdown of their key products:
1. Hall-Effect Electric Thrusters Electric thrusters optimised for extended life, used to manoeuvre satellites in orbit efficiently using minimal fuel.
2. RUDRA — India’s First Green Propulsion System RUDRA is India’s first high-performance green propulsion (HPGP) system — a 1N thruster used in micro and small spacecraft between 50 and 1,000 kg, replacing toxic hydrazine-based propulsion. The successful space test of RUDRA 0.3 HPGP on POEM-3 took place on January 27, 2024, and an upgraded version was tested on POEM-4 on January 2, 2025.
3. Pushpak Orbital Transfer Vehicle (OTV) The Pushpak OTV can move satellites into different orbits with greater accuracy and efficiency. According to Bellatrix, launching a satellite on a specialised launch vehicle costs about $45,000/kg — on Pushpak, the cost drops to $25,000/kg for low Earth orbit.
4. Ultra-Low Orbit Satellite Platform (Project 200) Bellatrix’s Project 200 aims to build a satellite that orbits at less than 200 km altitude — far lower than conventional satellites — using a unique air-intake electric propulsion system that gathers atmospheric air particles as propellant.
The US Expansion Plan
Bellatrix isn’t just thinking India. It’s actively building for global customers — particularly in the United States.
Last year, Bellatrix announced plans for a US manufacturing facility to support domestic supply chain needs for customers in that country. The company said it had signed an MoU to serve as a preferred propulsion partner for a prominent US satellite manufacturer.
The US facility is still a work in progress, but the company is currently able to start US production through various partnerships, so there is no hold up. Bellatrix has a small handful of corporate and operational employees in the US, with the bulk of its approximately 130 employees based in India.
How Far Has Bellatrix Come? — The Journey So Far
Founded in 2015 by Rohan Ganapathy and Yashas Karanam, Bellatrix Aerospace is headquartered in Bengaluru, Karnataka. Here’s the funding journey that got them here:
| Round | Year | Amount |
| Grant | 2017 | Undisclosed |
| Pre-Series A | 2019 | $3 Mn |
| Series A | 2022 | $8 Mn |
| Pre-Series B | 2026 | $20 Mn |
| Total Raised | ~$31 Mn |
According to estimates, the company will be valued at around ₹870 crore after this round — representing a 2.7X jump compared to its previous valuation.
Why This Matters for India’s Space Sector
Bellatrix’s raise is happening at a pivotal moment for India’s broader space ecosystem.
India’s space ecosystem crossed an important scale milestone in 2025, with over 300 active space startups now operating across launch vehicles, satellite platforms, Earth observation, satellite communications, propulsion, electronics and downstream analytics.
India’s share of the global space economy, currently estimated at around 2 per cent, is projected to increase to nearly 8 per cent by 2033, driven primarily by private industry. Policy instruments including the New Space Policy 2023, liberalised FDI Policy 2024 and the Indian Telecommunications Act 2023 provided predictability for long-term private investment.
Bellatrix — with its ISRO-proven technology, first international client and US manufacturing plans — is positioning itself right at the heart of this opportunity.
Bellatrix at a Glance
| Detail | Info |
| Founded | 2015 |
| Headquarters | Bengaluru, Karnataka |
| Founders | Rohan Ganapathy & Yashas Karanam |
| Latest Round | Pre-Series B — $20 Mn |
| Lead Investor | Cactus Partners |
| Total Funding | ~$31 Mn |
| Valuation | ~₹870 Crore |
| Employees | ~130 (mostly India-based) |
| Key Products | Hall-effect thrusters, RUDRA HPGP, Pushpak OTV |
| ISRO Missions Supported | Multiple — including POEM-3 & POEM-4 |
Bottom Line — Why This Raises Is Bigger Than It Looks
At $20 million, this is not the largest startup fundraise in India this week. But in terms of strategic significance, it punches far above its weight.
An Indian company has built satellite propulsion systems good enough to support ISRO missions — and now good enough to win international commercial clients ahead of competitors in the US and Europe. With lead times cut to under six months and a US manufacturing footprint being established, Bellatrix is transitioning from a promising Indian deeptech startup to a genuine global player in satellite propulsion.
India’s space sector is watching closely — and so should the rest of the world.
