Source: Entrackr
Bengaluru: Neeraj Khandelwal, co-founder of well-known crypto platform CoinDCX, has now started a space-tech company called Astrobase. He has partnered with three senior scientists from his former employer, the Indian Space Research Organisation (ISRO), Devakumar Thammisetty, Pawan Kumar and Prashant M, to start the new venture as per sources.
Astrobase is focused on addressing the increasing demand for satellite launches, from India and across the globe.
“The company is working on a methane oxygen full flow staged combustion engine designed to carry payloads ranging from 3 to 10 tonnes. It plans to offer three configurations of its launch vehicle: fully expendable, partially reusable and fully reusable, with a target launch cost of $300 million per kilogram by 2034,” a person familiar with the matter said.
The rockets will operate on a methane-oxygen engine derived from a full-flow staged combustion system, which has the benefit of efficiency and reusability. Astrobase intends to create three instances of their launch system:
- Expendable (used once)
- Reusable
- Partially reusable and
The incredibly ambitious goal of Astrobase, as a company, is to take the launch costs down to $300 per kilogram by the end of the year of 2034. This will make satellite launches significantly cheaper for companies, government or research organizations.
Production and Development
Astrobase has already made great strides. The company secured a facility for engine production in Bengaluru’s aerospace hub that contains other space and defense-related industries. Sources indicate “Astrobase is moving from research and development to manufacturing. It has completed engine and vehicle designs for an orbital-class launch system.”
Fundraising and Valuation
Astrobase raised ₹60 crore (roughly $7 million in dollars) as a part of its first funding round. The funding round was led by venture capital fund BanyanCo, per filings to the Ministry of Corporate Affairs (MCA). As per estimates by Entrackr, the company has a valuation of just over ₹623 crore (approximately $72 million). Astrobase is looking to raise funds again in the coming months, which will most likely further increase its valuation.
A Space-Tech Sector on the Rise
Astrobase has now joined a fast-growing cohort of Indian space-tech startups. In 2024, 13 space-tech startups raised a combined total of $85 million. Thus far in 2025, 10 space-tech startups have raised over $15 million.
To support space-tech growth, the Indian government launched a ₹500 crore ($58 million) fund through IN-SPACe and also approved a ₹1,000 crore ($116 million) VC fund to allow space-tech startups to expand, reduce import dependency, and encourage private sector participation.
Astrobase is well on its way to taking up a leading role in India’s space journey, with an experienced founding team, cutting edge technology and strong early support.
