The number of spacetech startups in India have grown to 140 in a short span of time on the back of the country opening up space industry to private players, said MoS Singh
The minister emphasised the crucial role of global collaboration and alliances to enhance the contribution of the space economy to the global economy
As per Inc42 data, Indian spacetech startups have raised more than $205 Mn in funding since 2014
The world has begun to recognise India’s skills and promise in space technology due to the rise in the number of spacetech startups in the country, Minister of State (MoS) for Science and Technology Jitendra Singh said on Thursday (July 6).
Addressing the inaugural session of the fourth edition of G20 Space Economy Leaders Meeting (SELM), the minister said that the number of spacetech startups in the country have grown to 140 in a short span of time on the back of India opening up its space industry to private players.
Terming the role of the private sector pivotal in the space economy, Singh called for fostering global alliances to explore outer space and to enhance the share of space economy in the global economy.
“The future development of humanity lies in our collective ability to responsibly harness, pool resources and utilise space technology towards achieving sustainable development goals and improving the lives of common man,” Singh said while addressing the gathering.
Quoting studies, the MoS said that the space economy will likely be the next trillion-dollar sector in the coming decades. He further emphasised that the country has undertaken a slew of measures to open up and integrate the space economy, as well as to develop alliances with other countries.
He also underlined the significance of collaboration and convergence among G20 countries in order to achieve beneficial results. He also announced that India will join the US-led Artemis mission to explore the moon and other celestial bodies.
The Indian Space Research Organisation (ISRO) has played a crucial role in inspiring and fostering a culture of innovation and entrepreneurship in the country. Advancement in technology and the decreasing costs of space access have made it more feasible for startups to enter the space industry.
Government initiatives such as the Startup India campaign and the Indian Space Promotion and Authorization Centre (IN-SPACe) have created a conducive environment for spacetech startups. This has spawned the rise of many big-ticket startups such as Dhruva, Bellatrix Aerospace, AgniKul, Skyroot, Pixxel and SatSure in the last few years.
As a result, the homegrown spacetech sector has emerged as an attractive bet for global as well as local investors. Indian spacetech startups have raised more than $205 Mn in funding since 2014.
Spacetech startup Pixxel has received an investment of $71 Mn so far from investors including Lightspeed Venture Partners, Radical Ventures, Accenture Venture. GalaxyEye Space, a spacetech company, raised $3.5 million in a funding round led by Speciale Invest in December 2022.
SatSure, a spacetech firm, also received an unknown amount of strategic funding from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd.
As per an Inc42 report, spacetech startups in India are currently looking at a $77 Bn opportunity by 2030.