Manastu Space
Develops green propulsion systems, in-orbit servicing, and debris-avoidance for satellites and launch vehicles.
Website: https://manastuspace.com/
Cover Block
From the public record
| Field | Value |
|---|---|
| Name | Manastu Space |
| Tagline | Develops green propulsion systems, in-orbit servicing, and debris-avoidance for satellites and launch vehicles [Manastu Space, retrieved 2026] |
| Headquarters | Mumbai, India [Manastu Space, retrieved 2026] |
| Founded | 2017 [Manastu Space, retrieved 2026] |
| Stage | Series A [Inc42, October 2026] |
| Business Model | Hardware + Software |
| Industry | Deeptech |
| Technology | Space |
| Geography | South Asia |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2), Tushar Jadhav and Ashtesh Kumar [Manastu Space, retrieved 2026] |
| Funding Label | Series A, total disclosed approximately $5.31 million, comprising a $3 million Pre-Series A in 2023 and ₹22 crore, approximately $2.31 million, in an extended Series A round in October 2026 [YourStory, September 2023] [Inc42, October 2026] |
Links
From the public record
- Website: https://manastuspace.com/
- LinkedIn: https://www.linkedin.com/company/manastu-space
The Short Version
PUBLIC Manastu Space develops green propulsion systems for satellites and launch vehicles, and it merits investor attention now because public evidence shows both fresh equity financing and unusually large non-dilutive government backing for propulsion maturation in India [Inc42, October 2026] [Government of India Press Information Bureau, October 2026]. Founded in 2017 in Mumbai by Tushar Jadhav and Ashtesh Kumar, the company has positioned itself around lower-toxicity propulsion and adjacent in-orbit services such as refuelling, deorbiting, and debris avoidance, although some of the broader service claims still rest primarily on company and startup-media descriptions rather than independent operating proof [Manastu Space, retrieved 2026] [YourStory, September 2023] [Indian Startup News, 2023].
The technical wedge appears to be an integrated propulsion stack rather than a standalone thruster, with products that span small-satellite maneuvering and higher-thrust applications; the most important public validation point is that its VYOM 2U system reached TRL-8 after in-orbit testing on ISRO's POEM platform, according to multiple Indian publications [The Hindu] [Indian Defence News, June 2026]. On team, the public record is still fairly lean, but Jadhav is identified as CEO and Kumar as co-founder and CTO, with both described in available coverage as IIT Bombay alumni [LinkedIn, retrieved 2026] [Ashtesh Kumar on LinkedIn, retrieved 2026].
Capital formation has been steady rather than oversized: the company raised a reported $3 million pre-Series A in 2023, then a reported ₹22 crore, about $2.31 million, Series A extension in October 2026, while also securing ₹116 crore in Government of India RDI support for a ₹277.63 crore project to move propulsion technology from TRL-6 to TRL-9 [YourStory, September 2023] [Inc42, October 2026] [Government of India Press Information Bureau, October 2026]. That combination suggests a hardware plus software model with a long certification path, where government-linked validation matters as much as venture capital.
Over the next 12 to 18 months, the key watchpoints are whether TRL-8 validation converts into repeat commercial deployments, whether government-supported development translates into TRL-9 readiness on schedule, and whether the company can show paid demand beyond pilots, demonstrations, or strategic programs [Government of India Press Information Bureau, October 2026] [ThePrint/PTI, September 2023]. The public case is promising, but investors should separate demonstrated propulsion progress from still-emerging evidence on revenue scale, customer concentration, and the timing of commercial service adoption [The Hindu] [Manastu Space, retrieved 2026].
Single-source, plausible -- Core company, funding, and government support claims are corroborated by multiple public sources, but several product-scope and commercialization claims remain company-led or only partially independently verified.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Series A |
| Business Model | Hardware + Software |
| Industry / Vertical | Deeptech |
| Technology Type | Space |
| Geography | South Asia |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2) |
| Funding | Series A, total disclosed approximately $5.31M |
The Company in Brief
PUBLIC
The company is easier to understand through its operating focus than through a corporate descriptor alone. Manastu Space presents itself as a Mumbai-headquartered Indian space technology company founded in 2017, building green propulsion systems and related in-orbit capabilities for satellites and launch vehicles [Manastu Space, retrieved 2026]. The public record also identifies two co-founders, Tushar Jadhav and Ashtesh Kumar, which matters because the business still appears closely tied to founder-led technical development rather than a broad, fully disclosed management bench [Manastu Space, retrieved 2026].
The clearest public milestones cluster around financing and technical validation. In September 2023, multiple outlets reported a $3 million pre-Series A round, although this section stays with company-site-grounded identity facts rather than investor syndicate detail because the requested source set is narrow [Manastu Space, retrieved 2026]. By October 2026, the company had also become the recipient of Government of India RDI support tied to advancing indigenous green propulsion technology, a development that signals institutional backing for the underlying technology path even though it is distinct from equity financing [Manastu Space, retrieved 2026].
Public company materials position Manastu Space around three connected lines of work: propulsion, in-orbit servicing, and debris avoidance [Manastu Space, retrieved 2026]. That framing suggests a strategy broader than selling a single thruster, with the company attempting to sit nearer the spacecraft operations stack over time, but the legal entity details are not established in the cited materials used for this section and are therefore best left open.
Unconfirmed -- This section relies primarily on the company website for founding, headquarters, founder identity, and business description, with no second qualifying source from the allowed source set used here.
What They Have Built
MIXED
The product case is clearer than the commercial case at this stage. Manastu Space describes itself as building green propulsion systems for satellites and launch vehicles, alongside in-orbit servicing and debris-avoidance capabilities [Manastu Space, retrieved 2026]. Publicly described products include VYOM 2U, a modular propulsion system for satellites up to 100 kg, and GP-LAM, a 300 N thruster for upper stages, orbital transfer vehicles, and micro-GEO spacecraft [Manastu Space, retrieved 2026]. Startuppedia also identifies Sharanga as the company’s micro-propulsion offering for CubeSats and similarly places GP-LAM in higher-thrust launch and transfer use cases [Startuppedia].
The evidence is strongest where hardware has flown or been validated in public missions. Multiple public reports say VYOM 2U achieved TRL-8 after in-orbit testing on ISRO's POEM platform, with The Hindu and Indian Defence News both framing the system as ready for commercial deployment after that validation [The Hindu, retrieved 2026] [Indian Defence News, June 2026]. News9live adds two operational details that matter technically, though they appear to come from a single outlet: the VYOM 2U one-Newton thruster reportedly maneuvered the full POEM-4 platform, and the company also delivered an iBooster variant with four one-Newton thrusters to DRDO [News9live, retrieved 2026].
The technical wedge, if the public record holds, is less about a standalone thruster and more about an integrated propulsion package. Company materials describe a full stack that includes fuel, engine, tank, and accessories, built around the proprietary MS289 green propellant, while third-party coverage positions the fuel as a lower-toxicity alternative to hydrazine [Manastu Space, retrieved 2026] [Indian Startup News, 2023] [News9live, retrieved 2026]. NITI Aayog reported that Manastu's hydrogen peroxide-based blend is 40 times less toxic and 60% cheaper to operate than traditional fuels, but those performance claims still need broader independent validation before they should be treated as bankable differentiation rather than promising technical positioning [NITI Aayog].
Single-source, plausible -- Product existence and mission validation are corroborated by company materials and independent press, but several capability and performance claims remain company-led or single-source.
Market Size and Demand
PUBLIC
The market matters now because satellite operators are moving from one-off mission design toward maneuverability, lifetime extension, and end-of-life compliance, which makes propulsion a more central subsystem than it was in earlier smallsat cycles.
The available public record supports that demand thesis, but it does not support a clean bottom-up TAM for Manastu Space specifically. None of the supplied third-party sources provide a named market size for green in-space propulsion, orbital servicing, or debris-avoidance software as a standalone category, so the analysis has to stay at the level of adjacent demand signals rather than forcing a synthetic market number. The clearest public evidence is policy-backed capital formation: the Government of India approved ₹116 crore in RDI support for Manastu as part of a ₹277.63 crore project intended to move propulsion technology from TRL-6 to TRL-9, spanning 5 mN to 300 N thrust applications [Government of India Press Information Bureau, October 2026]. That does not size the market, but it does show that Indian public institutions view indigenous propulsion as strategically important enough to underwrite late-stage development.
Demand drivers in the cited record cluster around three operating needs. First, lower-toxicity alternatives to hydrazine matter because propulsion handling, storage, and launch preparation affect cost and operational complexity, and Manastu's category pitch is built around a greener substitute [ThePrint/PTI, September 2023] [News9live, retrieved 2026]. Second, more capable propulsion expands mission flexibility for small satellites, including orbit raising, station keeping, collision avoidance, and deorbiting, all of which are referenced across company and funding coverage [YourStory, September 2023] [Indian Startup News, 2023] [Manastu Space, retrieved 2026]. Third, propulsion increasingly connects to services rather than hardware alone, with public descriptions of refuelling, mission-life extension, and in-orbit servicing pointing to a larger value pool if operators adopt those workflows at scale [Indian Startup News, 2023] [The Economic Times, October 2026].
Adjacent markets are visible even where category boundaries are still loose. The company is described not only as a propulsion supplier for satellites, but also as a developer for launch vehicle upper stages, orbital transfer vehicles, and micro-GEO spacecraft through its GP-LAM product positioning [Manastu Space, retrieved 2026] [Startuppedia, retrieved 2026]. That broadens the reachable opportunity beyond smallsat attitude or orbit control into launch and transfer-stage propulsion, while the stated services layer, including deorbiting and life extension, overlaps with the emerging in-space logistics and servicing market [Manastu Space, retrieved 2026] [The Economic Times, October 2026]. The substitute set remains real: operators can continue using conventional hydrazine-based systems, reduce mission scope to avoid onboard propulsion, or buy from established propulsion vendors, which means adoption will turn on qualification, integration ease, and total mission economics rather than sustainability claims alone.
Regulation and macro policy are doing more of the market-shaping work here than near-term commercial volume disclosures. The strongest signal in the record is the Indian state's willingness to fund propulsion localization and qualification through the Technology Development Board agreement, which indicates strategic interest in reducing dependence on imported propulsion technologies and building domestic capability for both civil and defense-linked space programs [Government of India Press Information Bureau, October 2026] [India Today, October 2026]. Public references to engagements with Indian defence, iDEX, and a French startup partnership also suggest that this market can be pulled by sovereign procurement and strategic programs before it is pulled by large private constellations in India [ThePrint/PTI, September 2023] [YourStory, September 2023]. That tends to lengthen sales cycles but can improve credibility if flight heritage and procurement pathways convert into repeat demand.
| Cited market signal | Figure | Why it matters |
|---|---|---|
| Government of India RDI support for Manastu project | ₹116 crore | Indicates direct public funding support for indigenous propulsion commercialization [Government of India Press Information Bureau, October 2026] |
| Total project cost under TDB-DST agreement | ₹277.63 crore | Suggests the scale of capital required to move propulsion from TRL-6 to TRL-9 [Government of India Press Information Bureau, October 2026] |
| Propulsion range referenced in government release | 5 mN to 300 N | Points to applicability across small satellites through higher-thrust launch or transfer use cases [Government of India Press Information Bureau, October 2026] |
The table is narrower than a conventional market map, but it captures the most defensible point: this category is being funded as critical infrastructure, not treated as a peripheral component market. For investors, that shifts the question from abstract TAM inflation to whether qualification, procurement access, and mission integration can convert strategic interest into recurring orders.
Single-source, plausible -- Market demand signals are corroborated by government and named-publisher reporting, but no third-party market sizing report for the specific category was provided in the source set.
Who Else Is Fighting for This
MIXED Manastu Space is positioning itself less as a standalone thruster vendor and more as a full-stack green propulsion provider for small satellites and launch-vehicle applications, which places it at the intersection of propulsion hardware, in-orbit mobility, and longer-dated servicing markets [Manastu Space, retrieved 2026] [Government of India Press Information Bureau, October 2026] [Indian Startup News, 2023].
The competitive map is clearer by segment than by company name. In launch and upper-stage propulsion, the company is competing against incumbent chemical propulsion architectures built around hydrazine and related propellants, with the pitch that a lower-toxicity alternative can reduce handling burden while preserving mission utility [News9live, retrieved 2026] [NITI Aayog, retrieved 2026] [Manastu Space, retrieved 2026]. In small-satellite propulsion, the relevant challengers are other green-propulsion and electric-propulsion providers, even where the available source set does not name them individually, because buyers typically compare mass, thrust, safety profile, qualification history, and integration effort rather than brand alone [Government of India Press Information Bureau, October 2026] [ThePrint/PTI, September 2023]. In debris avoidance, deorbiting, refuelling, and mission-life extension, the company is also competing with an adjacent substitute: doing nothing at all until operators have enough on-orbit assets to justify servicing economics, which means the real rival in that lane is delayed market adoption as much as another startup [YourStory, September 2023] [Indian Startup News, 2023].
Its edge today appears to rest on validation pathway and public-sector alignment rather than proven commercial scale. The strongest publicly corroborated signal is the Government of India-backed ₹116 crore RDI support package tied to a ₹277.63 crore project intended to move indigenous propulsion technology from TRL-6 to TRL-9, alongside the company's reported TRL-8 status for VYOM 2U after in-orbit validation on ISRO's POEM platform [Government of India Press Information Bureau, October 2026] [The Hindu, retrieved 2026] [Indian Defence News, June 2026]. That combination matters because in propulsion, qualification data and government-backed testing access can be more defensible than early marketing reach. It is also a perishable advantage if commercial procurement does not follow, since state support can accelerate technical maturity without guaranteeing adoption across satellite OEMs and constellation operators [Government of India Press Information Bureau, October 2026] [India Today, October 2026].
The company is more exposed where capital depth, customer proof, and competitive benchmarking become decisive. The source set names Latitude as a partner rather than a direct competitor, which is useful as a signal that Manastu can plug into a broader launch and in-space ecosystem, but it also highlights the gap: larger international propulsion and launch-adjacent players may enter with stronger flight heritage, established customer channels, or bundled offerings that are harder for a younger supplier to displace [ThePrint/PTI, September 2023] [YourStory, September 2023]. There is also a category boundary here. Refuelling, deorbiting, and mission-life extension are attractive extensions of the platform story, but the public evidence still centers on propulsion validation and government support, not recurring commercial service contracts, so any competitor that already owns operator relationships could have an advantage if the market shifts from component selection to fleet-level service procurement [Indian Startup News, 2023] [Government of India Press Information Bureau, October 2026].
The most plausible 18-month scenario is that the competitive field sorts first on qualification and deployment evidence, not on broad platform claims. Winner if qualification converts into repeat procurement: Manastu Space, because a domestically validated, lower-toxicity propulsion stack backed by Indian government support would be well placed to win with Indian satellite manufacturers and adjacent public-sector programs if reliability and unit economics hold up in follow-on missions [Government of India Press Information Bureau, October 2026] [The Hindu, retrieved 2026] [Inc42, October 2026]. Loser if servicing demand arrives before propulsion suppliers secure installed-base distribution: the broader in-orbit servicing layer around Manastu's offering, because refuelling and life-extension claims are strategically coherent but remain earlier in evidence terms than the propulsion system itself, and a better-distributed incumbent or partner-led integrator could capture that value first [Manastu Space, retrieved 2026] [Indian Startup News, 2023] [ThePrint/PTI, September 2023].
Opportunity
Upside if execution holds
PUBLIC The size of the prize is not a generic "space is growing" story, but the narrower possibility that Manastu becomes a domestic propulsion and in-orbit mobility layer for India’s small-satellite and launch ecosystem, a position that could sit across hardware sales, propellant, and service revenue if its technology clears full commercial deployment [Government of India Press Information Bureau, October 2026] [The Hindu] [Inc42, October 2026].
The headline opportunity is straightforward. If Manastu can convert a space-validated green propulsion product into a repeatable supply position with satellite builders, defense-linked programs, and launch-vehicle applications, it could become one of the few Indian companies selling a full-stack propulsion package rather than a standalone component [Government of India Press Information Bureau, October 2026] [Indian Startup News, 2023] [Manastu Space]. That outcome is reachable because the public record shows three things already in place: the company has raised external capital across at least two disclosed rounds [YourStory, September 2023] [Inc42, October 2026]; its VYOM 2U system has been reported as achieving TRL-8 after in-orbit validation on ISRO's POEM platform [The Hindu] [Indian Defence News, June 2026]; and the Government of India has committed ₹116 crore in RDI support toward a ₹277.63 crore project intended to move propulsion technology from TRL-6 to TRL-9 across a 5 mN to 300 N thrust range [Government of India Press Information Bureau, October 2026]. That combination does not prove commercial scale, but it does move the company out of concept territory and into an investable industrialization question.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Indian propulsion standard | Manastu becomes a preferred domestic supplier of green propulsion packages for small satellites and related mobility functions in India | Government-backed TRL advancement and successful conversion of POEM validation into procurement programs | The company already has in-orbit validation at TRL-8 for VYOM 2U according to published coverage, and the TDB-DST agreement explicitly backs progression toward TRL-9 and deployment readiness [The Hindu] [Government of India Press Information Bureau, October 2026] |
| Launch-vehicle adjacency | The company expands from satellite propulsion into upper-stage and transfer-vehicle applications through GP-LAM and related higher-thrust systems | Execution on the government-supported project spanning 5 mN to 300 N thrust systems | The public record ties Manastu's roadmap to both satellite and launch-vehicle propulsion, and its website positions GP-LAM for upper stages, OTVs, and micro-GEO missions [Government of India Press Information Bureau, October 2026] [Manastu Space] |
| Services layered on hardware | Propulsion hardware sales create an installed base that later supports refuelling, deorbiting, debris avoidance, and mission-life extension services | A first wave of deployed propulsion customers who standardize around the company's fuel and tank architecture | Multiple public sources describe Manastu's commercial model as extending beyond thrusters into refuelling, deorbiting, and life-extension services, which suggests a higher-value follow-on motion if flight heritage accumulates [Indian Startup News, 2023] [YourStory, September 2023] [ThePrint/PTI, September 2023] |
These scenarios point to the same compounding mechanism. A propulsion company with validated in-orbit heritage can sell credibility into the next mission, and each successful mission can widen the envelope from one thruster class or satellite size into adjacent use cases [The Hindu] [News9live]. In Manastu's case, the flywheel would likely start with green propulsion packages, then deepen through proprietary propellant adoption, system-level integration, and eventually service contracts tied to maneuvering, collision avoidance, deorbiting, or refuelling [Manastu Space] [Indian Startup News, 2023]. The early signs are modest but visible: public sources describe a complete package that includes fuel, engine, tank, and accessories, and the government support program spans a broad thrust range rather than a single niche product, both of which matter because platform breadth is usually what turns aerospace component vendors into infrastructure suppliers [Government of India Press Information Bureau, October 2026] [Indian Startup News, 2023].
The size of the win is best framed as a strategic infrastructure outcome rather than a near-term revenue model. No credible public market comparable or category TAM was provided in the source set, so any valuation statement has to remain conditional. If the "Indian propulsion standard" scenario plays out, with TRL-9 achieved and repeat procurement across domestic satellite and launch programs, the company could plausibly support a venture-scale outcome because it would sit in a technically difficult layer of the stack with government-backed validation, flight heritage, and expansion paths into recurring in-orbit services (scenario, not a forecast) [Government of India Press Information Bureau, October 2026] [The Hindu] [YourStory, September 2023]. The essential point is that the upside is not one successful thruster sale, but ownership of a mission-critical subsystem that could become harder to displace with every validated deployment.
Single-source, plausible -- Built mainly from one government primary source, one company website, and a small set of news reports; product scope and commercial model are only partially corroborated by independent sources.
Sources
From the public record
[Manastu Space, retrieved 2026] Manastu Space | Green Propulsion Systems for Satellites & Space Missions | https://manastuspace.com/
[Inc42, October 2026] Exclusive: Manastu Space Raises ₹22 Cr In Ongoing Funding Round | https://inc42.com/buzz/exclusive-manastu-space-raises-%E2%82%B922-cr-in-ongoing-funding-round/
[YourStory, September 2023] Manastu Space secures $3 million in pre-series A funding, led by Capital 2B, BIG Capital, and E2MC | https://yourstory.com/2023/09/manastu-space-tech-startup-funding-debris-avoidance-satellites
[Government of India Press Information Bureau, October 2026] TDB-DST signs agreement with Manastu Space for ₹116 crore RDI support to advance indigenous green propulsion technology | https://www.pib.gov.in/PressReleaseDetail.aspx?PRID=2328399®=19&lang=1
[Indian Startup News, 2023] Manastu Space developing green propulsion systems raises $3M led by IAN | https://indianstartupnews.com/funding/manastu-space-raises-usd-3-million-in-funding-from-indian-angel-network-1637447
[LinkedIn, retrieved 2026] Tushar Jadhav - Manastu Space | LinkedIn | https://www.linkedin.com/in/tushar-jadhav-a4921315/
[ThePrint/PTI, September 2023] Manastu Space’s green propulsion system gets USD 3 mn boost | https://theprint.in/india/manastu-spaces-green-propulsion-system-gets-usd-3-mn-boost/1747579/
[The Economic Times, October 2026] Manastu Space raises $3 million in round led by Capital-A | https://economictimes.indiatimes.com/tech/funding/manastu-space-raises-3-million-in-round-led-by-capital-a/articleshow/123244306.cms
[India Today, October 2026] Centre awards space startup Manastu Rs 116 crore to boost green propulsion tech | https://www.indiatoday.in/science/story/centre-awards-space-starstup-with-rs-116-crore-to-push-green-propulsion-tech-3026899-2026-10-28
[LinkedIn, retrieved 2026] Manastu Space | LinkedIn | https://www.linkedin.com/company/manastu-space
Articles about Manastu Space
- Manastu Space's Green Thruster Moves a 100-Kilogram Platform in Orbit — The company's VYOM 2U system, validated on an ISRO mission, aims to replace hazardous satellite fuel with a cheaper, safer alternative.