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Indian Spacetech Start-Ups Rank Seventh In Terms Of Global Funding

From raising $35 million funds between 2010 and 2019, the sector raised $112 million in 2022

Indian Spacetech Start-Ups Rank Seventh In Terms Of Global Funding
POSTED ON August 28, 2023 4:19 PM

India has ranked seventh in terms of funding within the international spacetech landscape for the year, according to recent insights by Tracxn. Previously dominated by governmental players, the sector has witnessed a significant surge in private sector participation. 

From raising a modest $35 million between 2010 and 2019, it experienced a meteoric rise in 2020, securing a remarkable $28 million in funding. This trend continued, reaching $96 million in 2021 and an impressive $112 million in 2022, marking a 17 per cent increase from the previous year. This steady expansion in funding sets the Indian SpaceTech sector apart from other industries affected by funding challenges and macroeconomic fluctuations. 

The Indian spacetech sector has already attracted $62 million in funding for the year 2023, reflecting a substantial 60 per cent increase compared to the same period last year. This exceptional growth trend is expected to continue in the upcoming months. 

With 381 satellites placed in low orbit, India has positioned itself as a key player in this arena. Notably, the successful launch of 36 satellites into orbit by ISRO for UK-based OneWeb illustrates India's contribution to global satellite ownership. 

The successful landing of Chandrayaan-3 on the moon's South Pole, has paved the way for groundbreaking studies in the region. Additionally, ISRO's feat of deploying a record-breaking 104 satellites in sun-synchronous orbits during a single mission in 2017 stands as a testament to India's prowess. 

Key players such as Skyroot, AgniKul, and Pixxel are spearheading innovative endeavours that promise to reshape the industry landscape. Skyroot has also launched India's first privately built rocket, Vikram-S, into space, with plans to revolutionise satellite launches. 

Companies like Pixxel have introduced pioneering technologies for earth observation, while Dhruva Space and Bellatrix Aerospace are also contributing to the sector through their unique offerings. 

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