Aerospace Firm ‘Spacefields’ Raises Pre-series of $5M (₹42cr) Venture Capital Fund

SpaceFields, an emerging deeptech startup developing next generation Rocket Propulsion systems for Defence & Space, has raised $5 million (₹42cr) in strategic investment led by Globaz Technologies Pvt. Ltd, co-led by Rockstud Capital and Venture Catalysts++ Group, with participation from Nithin Kamath’s Rainmatter, VC Grid, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, MeitY Startup Hub and others.

The company had previously raised about $1.3 million in Seed funding from Jamwant Ventures, HVB 88 Angels and others. Founded in 2021 by VSSUT Burla (Odisha) alumni- Apurwa Masook, Rounak Agrawal, and Sudarshan Samal, SpaceFields, incubated at the Indian Institute of Science (IISc) Bangalore, is pioneering innovations in rocket propulsion and solid propellants, positioning itself at the cutting edge of India’s growing space and defence ecosystem. SpaceFields has won four contracts under the iDEX initiative of the Ministry of Defence, and has also filed ten patents (with five granted) on various novel technologies developed in-house.

The partnership between Globaz & SpaceFields underscores a shared commitment to develop critical, sovereign, dual-use technologies that enhance national security while expanding India’s role in the global defence & aerospace value chain. “SpaceFields sits at the intersection of deeptech innovation and national need,” said Mr. Karan Wilkhoo, Director & Promoter, Globaz Technologies.

“This investment reflects our strong confidence in SpaceFields’ ability to translate advanced propulsion R&D into high-impact field-ready solutions for India and global markets. With Globaz’s expertise in system integration and scale-up manufacturing, together, we are poised to become a cornerstone in India’s journey towards technological sovereignty, enabling a future of strategic self-reliance.” The fresh capital will be deployed towards scaling up manufacturing, securing key regulatory certifications, and expanding the team across engineering, operations, and business functions.

The development comes at a pivotal time for India’s Defence and SpaceTech ecosystem, with a growing wave of new-age startups driving innovation and indigenization. Government of India’s proactive policies, including the liberalization of defense procurement has further provided a boost to such startups. SpaceFields’ journey aligns perfectly with Prime Minister Modi’s clarion call to the youth in his recent Independence Day speech, to build homegrown deeptech capabilities and strengthen India’s technological sovereignty.

Abhishek Agarwal, Managing Partner of Rockstud Capital, said, “Thrilled to partner with SpaceFields, which is uniquely positioned in a differentiated whitespace, bringing in-house developed, IP-led innovations to a sector that has seen limited private innovation so far. Their breakthrough work aligns closely with Rockstud Capital’s Yuva Bharat thesis, which backs innovations driving Atmanirbhar Bharat in national security and deep-tech. We are proud to support their journey of advancing cutting-edge propulsion technologies and strengthening India’s strategic autonomy.”

Dr. Apoorva Ranjan Sharma, Co-Founder and MD of Venture Catalysts, said, “India’s rise as a global aerospace and defence hub will be written by young companies that dare to solve hard-tech challenges at home and scale them for the world. SpaceFields embodies that spirit. In just four years, the team has transformed rigorous research into patent-backed solid-propulsion platforms that can strengthen our armed forces, serve NewSpace economy, and catalyse an entire supply chain of precision engineering. At Venture Catalysts, we back founders who combine deep scientific insight with relentless execution, and SpaceFields does exactly that. Our investment stands as a testament to our conviction in their technology roadmap as well as their mission to make Atmanirbhar Bharat a reality, while opening lucrative export corridors for Indian defence innovation.”

Dinesh Pai, Head of investments at Rainmatter by Zerodha, said, “Most of us at Rainmatter have tracked SpaceFields team for more than couple of years now. From the initial years of building prototypes to leading precision engineering solutions in solid propellants, they have constantly demonstrated sharp execution, delivering on ambitious milestones while staying deeply rooted in their mission. Their relentless focus on building local capabilities in aerospace, solving hard-tech problems with longterm impact, aligns strongly with our patient capital approach.”

“We have been fortunate to have earned the trust of unique mix of Investors, who resonate with our long-term vision of advancing sovereign capabilities in critical propulsion technologies,” said Apurwa Masook, Founder & CEO, SpaceFields. “Solid propulsion being a core enabler of defense and space missions, as also evident in our diverse cohort of customers such as the Armed Forces, DPSUs, DRDO, Tactical drone companies, and several Aerospace OEMs who are in need of bespoke customdeveloped solid-fuel powered systems. This investment will accelerate productionization and expand manufacturing capacity to meet India’s strategic requirements while addressing global demand. We are also delighted to partner with Globaz Technologies, whose strengths in systems engineering and production-scale supply-chain, complement our propulsion innovation.”