Mumbai | Pune – Thrustworks Dynetics (TWD), a propulsion systems company that designs and develops advanced rocket engine systems and subsystems for commercialisation, October 6 announced that it has raised INR 7 crore in its latest funding round. The round is being led by Jamwant Ventures, co-lead by Piper Serica, SINE-IIT Bombay, and other notable investors.
Founded in 2023 by Manan Joshi, Kalyani Shinde, and Vinith Shenoy, Thrustworks Dynetics emerged after the trio successfully led a special project group in rocket engine development at Bharat Forge Aerospace. The company is incubated at SINE-IIT Bombay and operates a facility in Pune.
Thrustworks Dynetics is developing ANYA, a liquid rocket engine platform, along with proprietary software and testing infrastructure. Notably, the company has built India’s first Mobile Rocket Engine Test Bed, enabling rapid and flexible hot-fire testing capabilities.
The company’s vision is to push the boundaries of propulsion technology by building modular, scalable, and high-performance engines, along with Micro-combustors and High Thrust High Impulse (HTHI) Engines. As part of this roadmap, Thrustworks is setting up India’s First Integrated Rocket Facility that will bring together design, manufacturing, and testing under one roof—ensuring faster development cycles and operational agility.
Thrustworks Dynetics is collaborating with leading space and aerospace stakeholders such as ISRO, IN-SPACe, Bharat Forge, Godrej Aerospace, and INOXCVA.
“We position ourselves as enablers to the larger aerospace industry by providing customisable, scalable and modular liquid rocket engines in order to reduce product development time for our customers from years to months,” said Manan Joshi, Co-founder of Thrustworks Dynetics. “This funding will accelerate our journey in developing India’s most advanced propulsion systems while strengthening our integrated test and manufacturing infrastructure.”
“At Jamwant Ventures, we believe in backing visionary companies that build deep-tech capabilities for the future of India’s space sector,” said Cdr Navneet Kaushik, Co-founder of Jamwant Ventures. “Thrustworks Dynetics combines technical excellence, industry collaborations, and bold ambition to emerge as a game-changer in propulsion technology.”
“We see TWD’s propulsion technology as a significant step forward in enabling more efficient, reliable, and sustainable access to space. Our investment underscores both the strength of their engineering approach and the practical applications it can unlock across space and defence sectors,” added Abhay Agarwal, Managing Partner, Piper Serica Angel Fund.
The fresh capital will be utilised to scale the Integrated Rocket Facility, enhance R&D in advanced propulsion systems, and expand testing capabilities to meet the growing global demand for commercial space access.
With India’s space ecosystem witnessing unprecedented momentum, Thrustworks Dynetics is well-positioned to be at the forefront of next-generation propulsion innovations.
Thrustworks Dynetics is an advanced propulsion technology company incubated at SINE-IIT Bombay with a facility in Pune. Founded in 2023, the company designs and develops liquid rocket engine systems and subsystems along with its software and test infrastructure. Its innovations include ANYA, India’s first Mobile Rocket Engine Test Bed, and an upcoming Integrated Rocket Facility that will consolidate design, manufacturing, and testing.
