India, Feb. 4 -- Spacetech startup Dhruva Space is set to net $4.2 Mn (INR 38.7 Cr) in its ongoing Pre-Series B funding round. The startup's board passed a proposal on January 28 to raise the amount via private placement of 414 Pre-Series B compulsorily convertible preference shares (CCPS) to investors like Indian Angel Network (IAN), GVFL, Blue Ashva Capital and angel investor Pradeep Sinha.

As per its filing with the MCA, the lead investor for the round would be IAN's VC fund IAN Alpha Fund by making an investment of up to INR 26 Cr. While GVFL intends to invest INR 10 Cr, Blue Ashva Capital will invest INR 2.4 Cr.

Each Pre-Series B CCPS has a face value of INR 100 and a premium of INR 9.34 Lakh per share.

The investment would extend...