Startup funding in India is reaching deeptech through government-backed capital too. The Technology Development Board (TDB), under the Department of Science and Technology, has signed an agreement to provide Rs 116 crore in financial assistance to Navi Mumbai-based Manastu Space Technologies for indigenous green propulsion systems.
The size of the programme
Announced on 26 October 2026, the agreement forms part of the government's Research, Development and Innovation (RDI) Fund. The project has a total cost of Rs 277.63 crore, with the Rs 116 crore support provided through optionally convertible debt.
What the technology does
Manastu Space is developing a scalable, integrated green propulsion system covering a thrust range from 5 millinewtons to 300 newtons, for satellites and launch vehicles. The programme aims to advance the technology from Technology Readiness Level 6 to TRL-9, moving it towards full operational maturity and wider commercial deployment.
The system uses a hydrogen peroxide-based green propellant with additives, alongside an integrated engine and catalyst system, including an ultra-high-temperature ceramic catalyst. The technology has already been demonstrated in space, and the next phase will focus on engineering, system integration, testing and validation to improve reliability and prepare it for wider deployment. Co-founder and CEO Tushar Jadhav leads the company.
Why it matters for founders
For founders, Manastu Space shows that deeptech funding in India is not only venture capital: the RDI Fund can carry a technology from demonstration to operational maturity. If your product needs long, capital-heavy validation, map the government RDI route alongside your venture round.