Startups Have A Role To Play In Driving India’s Space Industry: ISRO Chairman

Indian Space Research Organisation (ISRO) chairman S Somanath has reportedly said that startups and private sector have a key role to play in driving India’s space industry.

As per ET, he was speaking on ‘ISRO’s vision and the rise of India’s space Tech companies’ at the startup festival Huddle Global 2024, organised by Kerala Startup Mission

“Despite being an acknowledged space power, India’s share of global business is just 2% at $386 Bn. India plans to raise it to $500 Bn by 2030 and hit $1.5 Tn by 2047,” Somanath said.

He further added that considering the nation’s expertise in space technology and the growing number of satellite manufacturing companies, India has the potential to have at least 500 satellites in space.

Somanath’s statement comes at a time when India’s spacetech sector is buzzing with activities amid supportive government policies. From opening up the space sector to private entities and liberalising the FDI regime for the sector to announcing new space programmes, the Centre has taken a number of initiatives to promote startups.

As a result, a number of spacetech startups have emerged in the country over the last few years. As per Inc42 data, India is home to over 150 spacetech startups, including notable names like Pixxel, Agnikul, and Skyroot. The country’s spacetech sector is estimated to reach a market size of $77 Bn by 2030. 

With research and innovation in focus, the space sector has been gaining a lot of traction from investors.

For instance, earlier this month, spacetech startup GalaxEye raised $10 Mn in its Series A funding round from MountTech Growth Fund, Mela Ventures, Speciale Invest, iDeaForge, Smarthya Investment Advisors and Infosys.

In October, spacetech startup XDLINX Space Labs raised $7 Mn in its seed funding round led by ace investor Ashish Kacholia, along with participation from E2MC, Mana Ventures, and one unnamed family office.