NEW DELHI (PTI): Space-tech start-up Manastu Space has raised USD 3 million (around Rs 25 crore) from a host of institutional and angel investors, including Baring India.

This funding will accelerate the development and deployment of Manastu's green propulsion and debris collision avoidance system, and in-space services, the Mumbai-based company said in a statement.

The pre-series A funding round was led by Capital 2B, BIG Capital, and E2MC, and saw participation from Baring India through Sanchi Connect, Wealthyvia Ventures, Roots Ventures, Riceberg Ventures, Atomberg founders, Spectrum Impact, the family office of Aarti Industries promoters, among others, it said.

Manastu is also developing a fuel station in space that can re-fuel satellites in orbit to increase their life.

The green propulsion system, designed for agility, safety, efficiency, and affordability, is set to revolutionise space exploration by utilising a unique fuel, engine, and catalyst to mitigate the growing threat of debris collisions and subsequent space pollution, the statement said.

"We are grateful for the faith our investors have placed in our vision of making space sustainable, so its benefits reach every last person on Earth," Tushar Jadhav, founder and CEO of Manastu Space, said.

Manastu has already secured several contracts, including one with the Indian Defense, a partnership with Latitude – a French start-up and a recent agreement with iDEX – Defense innovation organization, said Jadhav.

"We are developing an agile green propulsion system for satellites to maneuver them more easily in space and save them from debris collision. This is a must-have solution to assure current (and growing) needs of space sustainability," Ashtesh Kumar, co-founder and CTO of Manastu Space, said.

"The team is incredibly ingenious and has built the tech with minimal resources and we are really excited about the possibilities," Vibhore Sharma, Partner at Capital 2B, which led the pre-series A round, said.