Neeraj Khandelwal, the co-founder of India’s first crypto unicorn CoinDCX, has ventured into the burgeoning space technology sector with the launch of a new startup, Astrobase. This ambitious new enterprise has already secured a significant maiden funding round, raising $10 million (approximately Rs 87 crore).
Khandelwal has partnered with a team of highly experienced former scientists from the Indian Space Research Organisation (ISRO) to establish Astrobase. The core team includes Devakumar Thammisetty, Pavan Kumar, and Prashant Mundotia, bringing over a decade of expertise in rocket propulsion, mission design, avionics, and structural analysis. Thammisetty, an ex-ISRO scientist with 13+ years in rocket propulsion, was crucial in the development and flight testing of GSLV Mk 2 and Mk 3 upper-stage cryogenic engines.
Astrobase aims to address the rapidly growing demand for satellite launches by developing cost-efficient, high-payload launch vehicles. The Bengaluru-based company is focused on building a methane-oxygen full-flow staged combustion engine, designed to carry payloads ranging from 3 to 10 tonnes. The startup plans to offer three configurations of its launch vehicle: fully expendable, partially reusable, and fully reusable, with an ambitious target launch cost of $300 per kilogram by 2034.
Sources close to the development indicate that Astrobase has already secured an engine manufacturing facility in Bengaluru’s aerospace hub and is transitioning from research and development to full-scale manufacturing. The company has completed the design for both its engine and orbital-class launch system. Khandelwal confirmed the $10 million seed round and that the engine manufacturing facility is operational, with 10 senior ISRO scientists on board.
This launch comes at a time when India’s space-tech startup ecosystem is gaining significant momentum. In 2024, 13 such startups collectively raised around $85 million. The Indian government is actively supporting this growth, having introduced a ₹500 crore ($58 million) fund through IN-SPACe and approved a ₹1,000 crore ($116 million) VC fund in 2025 to bolster local development, reduce import reliance, and expand private sector participation in the space sector.
Astrobase’s entry, backed by experienced professionals from both the tech and space industries, signals a strong new player in India’s private space industry, poised to contribute significantly to the country’s capabilities in global satellite launch services.
Key Highlights:
- Neeraj Khandelwal, CoinDCX co-founder, has launched Astrobase, a space technology startup, in partnership with senior ex-ISRO scientists.
- Astrobase has successfully raised $10 million in its maiden funding round and has established an engine manufacturing facility in Bengaluru.
- The company aims to develop cost-efficient, high-payload launch vehicles using a methane-oxygen engine, targeting a launch cost of $300 per kilogram by 2034, with plans for fully and partially reusable configurations.
- This venture reflects the increasing private sector participation and government support for India’s burgeoning space-tech industry.