Anantapur:
The Andhra Pradesh government has approved the allotment of 120.76 acres of land to SpaceFields Pvt. Ltd. to set up a Solid Propellant (Rocket Fuel) Processing Facility at the Industrial Park in Thimmasamudram, Anantapur district.
According to the government the project will involve an investment of Rs 46.84 crore and is expected to create around 300 high-skilled jobs.
Speaking on the investment, Andhra Pradesh Minister Nara Lokesh said, “The next generation of manufacturing will be driven by deep-tech companies working in defence, space and advanced engineering. SpaceFields represents this new India. Andhra Pradesh is committed to creating an ecosystem where such companies can grow from innovation to large-scale manufacturing. This investment is another step towards building a globally competitive aerospace and defence manufacturing hub in the state.”
SpaceFields is a deep-tech startup incubated at the Indian Institute of Science (IISc), Bengaluru. Founded in 2021 by Apurwa Masook, Rounak Agrawal and Sudarshan Samal, the company develops advanced solid rocket propellants and propulsion systems for defence, aerospace and space applications.
The startup is currently working on four projects under the Ministry of Defence’s Innovations for Defence Excellence (iDEX) programme with the Indian Air Force, HAL and the Indian Navy.
The project is fully backed by venture capital investors. The company recently raised Rs 42 crore in a pre-Series A funding round led by Globaz Technologies, with Rockstud Capital and Venture Catalysts++ as co-lead investors. Other investors include Rainmatter, backed by Zerodha co-founder Nithin Kamath, along with SIDBI, MeitY Startup Hub, Burla Angel Network, O2 Angels and Faad Capital.
