Exclusive: Bellatrix in Talks to Raise up to $100 Mn in Series B Round

Spacetech startup Bellatrix Aerospace is in talks to raise up to $100 million in a Series B round from existing as well as new investors, as it looks to scale manufacturing and expand beyond satellite propulsion into satellite platforms.

Speaking to Outlook Business, co-founder Rohan Ganapathy said discussions for the round have already begun and the company is looking to close the fundraise over the next six to eight months.

The company has raised around $40 million so far. Earlier this year, it secured $20 million in a pre-Series B bridge round.

Rohan said the upcoming round will be significantly larger because commercialising the company's next phase of growth requires heavy upfront investments in manufacturing infrastructure.

"Space is one industry where the initial capital requirement is very high," he said, adding that unlike AI startups that primarily invest in talent and cloud infrastructure, spacetech companies need factories, specialised manufacturing equipment and testing facilities before they can scale production.

Alongside the fundraising, Bellatrix has also built a sizeable order pipeline. The startup has signed orders worth around ₹700 crore across its propulsion systems and satellite businesses.

The order book is expected to be realised during FY27 and is largely backed by international customers across the US, Europe, Japan and Korea, serving communication and Earth observation satellite makers.

The founder said nearly 80% of the current order book comes from Bellatrix's propulsion business, while its satellite platform business is only beginning to contribute. He expects the satellite business to account for a larger share of revenue over time as the company commercialises its VLEO platform.

Founded in 2015 by Ganapathy and Yashas Karanam, Bellatrix Aerospace develops advanced propulsion systems for satellites. By the end of this year, the company plans to launch a new class of satellites designed to operate in Very Low Earth Orbit (VLEO), at altitudes of around 180–200 km.

Unlike conventional Low Earth Orbit satellites that operate at 500–600 km, Bellatrix's VLEO satellites fly much closer to Earth, at around 180–200 km.

According to Rohan, the startup's expertise in electric propulsion forms the foundation of its VLEO ambitions. Instead of carrying large quantities of onboard propellant, Bellatrix's air-breathing propulsion system collects atmospheric nitrogen present at these altitudes, converts it into plasma and continuously generates thrust to counter atmospheric drag.

The approach, if successfully demonstrated, could enable satellites to operate for years in an orbit that has so far remained commercially inaccessible, he added.

The company plans to launch three VLEO satellites later this year, a mission that Rohan described as the biggest validation milestone for the business.

"If we are successful in demonstrating VLEO, the market opportunity expands dramatically. If not, it wouldn't make sense to speculate on future demand," he said while declining to provide an order book target for 2030.

Rohan also expects the fresh capital to help Bellatrix build manufacturing capacity for satellites. While its existing facilities can manufacture nearly 200 propulsion systems annually, the company now needs to establish dedicated satellite production facilities as it transitions into a full-stack space systems company.

The fundraising comes at a time when India's private spacetech ecosystem is witnessing rapid momentum. Earlier this month, Skyroot became the first private startup globally to achieve an orbital rocket launch on its maiden attempt, placing India alongside the US and China with private players executing orbital launches.

Capital has also begun flowing into the sector. Skyroot raised a $50 million Series C round in May 2026, becoming the country's first spacetech unicorn with a valuation exceeding $1.1 billion.

According to Tracxn, five landmark fundraises across Skyroot, Digantara, EtherealX, Bellatrix Aerospace and AgniKul in 2025 and 2026 have together accounted for $158 million, more than half of all capital deployed in the sector during the period.

India's private spacetech startups have collectively raised more than $871 million across 241 funding rounds as of July 2026. Funding into the sector has risen sharply, from $43 million across 12 rounds in 2021 to a record $200 million across 53 rounds in 2025, reflecting growing investor confidence in the country's emerging space ecosystem.