Inside India’s Spacetech Boom

SUMMARY

According to Inc42’s latest report, more than 150 Indian spacetech startups secured $285 Mn+ in funding between 2014 and 2023

The milestones achieved by these young companies and their emphasis on both deeptech and utility apps are reshaping the country’s spacetech landscape 

With advancements in remote-sensing technologies, optimised use of satellite data, and a continued focus on indigenous satellites, communication systems and heavy-lift launch vehicles, Indian startups are ready to capture a bigger slice of the global space market, which is expected to reach a size of $1 Tn by 2030.  

As we enter a new era of space race, India is rapidly gaining recognition as a formidable player. The journey began modestly in 1963 with the launch of its first sounding rocket. But in the past 20 years, the country has made impressive strides to push the boundaries of the next frontier. On its way, India has reached many significant milestones, from its successful Mars Orbiter Mission (Mangalyaan-1) to the path-breaking Chandrayaan-3 to explore the dark side of the Moon and the latest Aditya-L1 solar observation project.“The government and ISRO have been formulating policies to support startups in the space technology sector. On the one hand, ISRO is assisting private companies in expanding their launch capabilities, while on the other hand, in the sensing sector, a growing number of startups are developing advanced analytics. This is intensifying stakeholders’ interest in the ecosystem,” said Manish Singhal, founding partner, pi Ventures.“Even though the space tech startups in the country are fairly nascent, we are extremely bullish about the opportunities in the coming few years. In the next 10 years, we will see ourselves exceeding a few other ecosystems,” said Awais Ahmed, CEO of Pixxel.“According to IBEF estimates, India’s contribution to the global space economy stood at 2.1%, with a market value of $9.6 Bn in 2020. But management consulting firm Arthur D. Little expects India’s market share to surge to an impressive $100 Bn by 2040. Currently, India holds a 2% share in the global space economy, with projections anticipating 9% growth by 2030,” he added.Suyash Singh, founder of the Chennai-based spacetech startup GalaxEye that is building a multisensor imaging satellite for Earth observation, believes this area will also experience significant growth in the coming years. Also, with several startups focussing on satellite and launch vehicle development, adequate infrastructure will be in place in the next few years. He also emphasises the need to focus on more downstream efforts, especially in the Earth observation space.“By focussing on these critical areas, Indian stakeholders can nurture a more vibrant and sustainable spacetech ecosystem. It will contribute to economic growth, advance scientific knowledge and position the country to help realise its full potential in this domain,” said Pixxel’s Ahmed.

Undeniably, the Indian Space Research Organisation (ISRO) has played a pivotal role in this stellar success. However, today, what stands out as the need of the hour in establishing India as a leader in the global space economy is the increased involvement of private enterprises.

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