Bengaluru-based spacetech startup Bellatrix Aerospace founded by Rohan M Ganapathy (CEO & CTO) and Yashas Karanam (COO)is preparing to raise Rs 107 crore in fresh funding, with the proposed round valuing the company at around Rs 870 crore, nearly 2.7 times its previous valuation, according to regulatory filings.

Bellatrix Aerospace sees strong investor momentum

India’s private space sector may still be young, but the Bellatrix fundraising plan signals that investor appetite for deep-tech aerospace ventures remains alive, especially for startups building the hard infrastructure that powers satellite deployment.

The company has passed a special resolution to issue a small number of equity shares along with 8,337 preference shares priced at Rs 1,27,695 each, taking the total proposed raise to Rs 107 crore.

What stands out is not just the size of the round, but the valuation. At an estimated Rs 870 crore, Bellatrix appears to be commanding a strong premium over its earlier fundraise. In a market where many startups are still battling flat rounds, down rounds, or tighter investor scrutiny, that jump suggests confidence in the company’s long-term position in India’s growing spacetech ecosystem.

Founded in 2015, Bellatrix Aerospace builds advanced propulsion systems for satellites. That puts it in a highly strategic segment of the space economy. Launches often draw the spotlight, but propulsion systems are what help satellites maneuver, stay on course, and reach intended orbits. Bellatrix’s technology is aimed at enabling the deployment of small satellites into orbit while also supporting the movement of larger communication satellites toward geostationary orbit.

That matters because the business of space is increasingly becoming a business of precision. Satellite constellations, communication payloads, and commercial missions all depend on efficient in-space mobility. For Bellatrix, this makes propulsion not just a technical niche, but a commercial lever.

The company is also widening its international footprint. Alongside the fundraising plan, Bellatrix has announced an expansion into the United States and plans to set up a propulsion systems manufacturing unit in Delaware to serve the American market.

That is a notable move. For Indian spacetech startups, entering the US is not simply about geography; it is about placing themselves closer to one of the world’s largest and most mature commercial space markets.

The latest round would come after a gap of nearly 12 months. Bellatrix has raised a total of $24.2 million so far, including a $3 million pre-Series B round in April 2024 and an $8 million Series A round in 2022.

The planned funding therefore looks less like a survival round and more like a scale-up step, one that could help the company deepen manufacturing, strengthen execution, and push further into overseas markets.

At the same time, Bellatrix remains a company in build mode. The report notes that the startup was still in a pre-revenue stage and recorded losses of Rs 25.27 crore during the period mentioned.

That is not unusual in aerospace, where product cycles are long, certification and testing are expensive, and commercial validation takes time. In sectors like SaaS or consumer internet, investors often chase fast revenue curves. In spacetech, however, patience is usually part of the investment thesis.

That is why Bellatrix’s proposed round is important beyond the company itself. It reflects a broader trend within India’s startup market: capital is still available for businesses that are solving complex, high-entry-barrier problems, even when they are not yet operating at conventional scale. Deep-tech investing has become more selective, but when conviction builds, valuations can still move decisively.

For India’s spacetech sector, Bellatrix’s proposed raise adds to a larger story now taking shape. Private companies are no longer being viewed merely as experimental side players in a state-dominated domain. They are beginning to attract serious capital, build export-facing capabilities, and make bets on global markets early.

Bellatrix now seems ready for that next chapter. The proposed funding round, if completed as planned, would give the company fresh capital at a significantly higher valuation, help support its international expansion, and reinforce investor confidence in propulsion as a critical layer of the new space economy.

In an industry where credibility is earned slowly and scale is expensive, that is no small signal.

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