ByDr Srimathy Kesan
India’s space sector has witnessed a remarkable evolution in recent years, particularly in the domain of space startups. From a single entity in 2014, the number of space startups in India has surged to an impressive 189 in 2023. Union Minister Dr. Jitendra Singh disclosed that these startups have garnered a substantial investment of USD 124.7 million, highlighting the dynamic growth and potential of the country’s space industry.The Indian government has played a pivotal role in fostering this growth, exemplified by the introduction of the Indian Space Policy 2023. This policy is designed to encourage the extensive participation of non-governmental entities (NGEs) in all facets of space activities, driven by sector incentives and transformative reforms. The move towards increased privatization in the space sector has been a crucial factor in attracting investment and stimulating innovation.
Private investment in Indian space startups has been substantial, with over Rs 1,000 crores pouring in since April of the current year. Union Minister Jitendra Singh expressed confidence that India has the potential to achieve a USD 100 billion space economy by 2040. A significant endorsement of this potential came when Alphabet, Google’s parent company, invested USD 36 million in Pixxel, a Bengaluru-based space startup. This marked a watershed moment, being the first major investment in the Indian space sector post the privatization policy implemented in April.
The Indian Space Policy 2023 has been a catalyst for the growth of the private space industry, turning it into an attractive investment option for both domestic and international investors. Companies like Skyroot Aerospace, SatSure, Dhruva, and Bellatrix are emerging as significant players, aspiring to become the Indian counterparts of renowned global space companies like SpaceX.The recent achievement of Skyroot Aerospace in securing USD 27.5 million in a pre-Series C funding round reflects the confidence investors have in the sector. This funding will be instrumental in building infrastructure, advancing technology, attracting talent, and enhancing launch capabilities. Similarly, Chennai-based space startup Agnikul Cosmos secured an additional USD26.7 million in funding, underscoring the continued investor interest and confidence in the Indian space industry.Digantara, founded four years ago, has raised a total of USD12.5 million, encompassing previous funding rounds such as the seed round, which secured USD2.5 million from Kalaari Capital in 2021. The recent infusion of 10 million is expected to propel Digantara into the forefront of space technology, particularly in the realm of space situational awareness.This adds another feather to India’s cap in its journey toward becoming a formidable player in the global space industry. As the space sector in the country experiences an unprecedented surge in investment and innovation, start-up’s success stories further contribute to the narrative of India emerging as a key contender in space technology and satellite management.
Several factors contribute to India’s journey towards becoming a space powerhouse, including the recent Chandrayaan-3 launch by ISRO, the projected USD 1 trillion global space market by 2040, and the emerging potential of space tourism. Key recommendations for sustained growth include regulatory clarity, foreign investments, incentives, startup support, partnerships, research and development (R&D) centers, and skill development initiatives. As India continues to make strides in its space odyssey, these developments position the country as a key player in the global space arena.AzaadiSAT, a pioneering satellite mission by Space Kidz India, signifies a groundbreaking initiative to empower economically disadvantaged government school girls in India. Launched to commemorate the 75th anniversary of independence, AzaadiSAT involves 750 girls from 75 rural schools across India (Kashmir – Kanyakumari). The project aims to impart fundamental space knowledge, offering hands-on experiences in satellite technology. Despite an initial setback, the project’s resilience led to the successful launch of AzaadiSAT 2 on February 10, 2023, through SSLV-D2. This unprecedented venture not only fosters scientific curiosity but also promotes gender inclusivity in STEM, aligning with the UN’s “Women in Space” theme.
The author isFounder, and CEO Space Kidz India.
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