New Delhi, Feb. 16 -- Space tech startup Dhruva Space is looking to raise up to $50 million in a new round of funding, two people familiar with the matter told Mint.

"The company wants to raise $50 million, but it's likely to be a smaller round, sitting between $20-25 million," said one of the people aware of the matter, on condition of anonymity. "They're not being able to get a bite from larger institutional investors, but they have visibility of the same range of fundraising."

Dhruva Space has so far closed $10.2 million of the overall round it is looking to raise. The first was a $6 million round in November, followed by another $4.2 million in February. Both rounds were funded by existing investors in the company, including Blue As...