By Bl Bengaluru Bureau

Copyright thehindubusinessline

SpaceFields, a deeptech start-up developing next-generation rocket propulsion systems for defence and space, has raised $5 million (₹42 crore) in strategic investment led by Globaz Technologies Pvt. Ltd, co-led by Rockstud Capital and Venture Catalysts, with participation from Nithin Kamath’s Rainmatter, 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.

The fresh capital will be deployed for scaling up manufacturing, securing key regulatory certifications and expanding the team across engineering, operations and business functions.

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, works on research and development in rocket propulsion and solid propellants within India’s space and defence sector.

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 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 development comes at a pivotal time for India’s defence and space tech ecosystem, with a growing wave of new-age start-ups driving innovation and indigenisation. Government of India’s proactive policies, including the liberalisation of defence procurement has further provided a boost to such start-ups.

“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 is a key requirement for defence and space missions. This is reflected in the range of organisations using such systems, including the armed forces, defence public sector units, the Defence Research and Development Organisation, tactical drone companies and several aerospace manufacturers that need custom-built solid-fuel systems.

“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,” said Apoorva Ranjan Sharma, Co-founder and MD of Venture Catalysts.

Published on September 19, 2025