In a move that shows its capital efficient strategy and investor confidence, Bellatrix Aerospace, the Bengaluru based spacetech startup is all set to raise INR 26 crore (~USD 3 million) in a pre-Series B round. Despite global headwinds and a slow funding environment in the deep-tech space, the company is still going strong. The company is maintaining the same valuation of around USD 37 million (~INR 312.66 crore) — a big thumbs up from investors in long term potential especially as it sets sights on the lucrative US market.
Funding at Flat Valuation
Bellatrix’s board has approved the issue of 4,873 compulsorily convertible preference shares (CCPS) at INR 53,450 each, which is the same valuation as the Series A round in June 2022 when it raised USD 8 million (~INR 67.60 crore) from BASF Venture Capital.
While a flat valuation in a follow on round may raise eyebrows in some high growth sectors, for deep-tech companies like Bellatrix — especially in capital intensive industries like space — it means strategic patience and disciplined dilution. With INR 10.8 crore already raised and the remaining amount to be raised shortly, the round sees continued support from existing investors including Inflexor Ventures, StartupXseed Ventures, Pavestone VC and Survan Partners.
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Bellatrix Aerospace – Overview
Founded in 2015, Bellatrix Aerospace is one of the few Indian spacetech companies that is pushing the boundaries of propulsion technology. The company got international attention for developing the world’s first commercial Microwave Plasma Thruster powered by water — a breakthrough in sustainable and efficient satellite propulsion. Its portfolio also includes integration of heater-less hollow cathodes into Hall-effect thrusters, a design innovation for next-gen satellite missions.
The company has three successful space missions under its belt and is a propulsion partner to ISRO, with additional traction in the commercial satellite market. Its capabilities span across the spectrum — from nanosatellite constellations to heavy communication satellites.
But the company’s financials still reflect the early stage nature of spacetech. For FY24, Bellatrix reported a modest revenue of INR 2 crore and a loss of INR 12.35 crore — numbers that reflect a strong R&D focus and product development in progress.
US Expansion is the Next Frontier
Bellatrix Aerospace has announced its expansion to the US — the world’s biggest commercial space market. The company is setting up a manufacturing unit in Delaware and has appointed Chris MacDonald, former of Terran Orbital and Astra, as VP of US Operations.
The company has also signed a Memorandum of Understanding (MoU) with a leading US satellite manufacturer to be their preferred propulsion partner, early signs of transatlantic partnerships.
“This has been our top priority,” said Yashas Karanam, Co-founder and COO of Bellatrix. “With three consecutive propulsion missions behind us and our green propulsion solutions, we see a strong fit with the US commercial satellite ecosystem.”
Chris MacDonald agrees, “Bellatrix’s cost efficiency, innovation and short lead times are the differentiators in the satellite component market which is getting increasingly competitive.”
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The Road Ahead
Bellatrix’s funding and international foray comes at a time when Indian private space sector is getting policy support and investor attention. But competition is fierce. The company has rivals like Agnikul Cosmos and Skyroot Aerospace (launch vehicle companies), Pixxel and Digantara (space data and situational awareness), Dhruva Space (satellite platforms) all of whom are racing to find a niche in the global space economy.
With USD 12.5 million (~INR 105.62 crore) raised so far, Bellatrix is still operating on lean capital compared to its global peers. But the company’s engineering prowess, strategic expansion and ability to retain investor trust without bloating its cap table are big positives.
As the satellite propulsion market heats up — especially with the LEO constellations and demand for green, reliable and scalable systems — Bellatrix’s flat valuation may not be a sign of stagnation but the calm before the high-thrust breakout.