In a significant revelation, Union Minister of Science and Technology, Jitendra Singh, announced that India is now home to a staggering 189 spacetech startups, a remarkable leap from just one in 2014. The minister, citing data from the Department for Promotion of Industry and Internal Trade (DPIIT), disclosed that investments in these startups have surged to an impressive $124.7 million.
Singh, addressing the Rajya Sabha, emphasized the government’s commitment to fostering spacetech innovation. He highlighted the establishment of the Space Technology Incubation Centre (S-TIC) aimed at nurturing young minds with innovative ideas. This initiative is designed to empower students to engage in research and establish new startups within the burgeoning space sector.
The minister underscored the significance of the Indian Space Policy 2023, asserting that it paves the way for comprehensive involvement of privately-owned spacetech companies across all facets of space-related activities. This policy marks a strategic move towards encouraging the private sector to independently handle end-to-end space solutions.
Singh also credited the government’s incentives under the space policies for propelling some privately-owned spacetech firms to launch their satellites. According to a report by Inc42 titled ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023,’ over 150 spacetech startups have collectively secured over $285 million in funding between 2014 and 2023. This impressive funding has been backed by a diverse group of active investors, including Pi Ventures, Speciale Invest, Peak XV, Mumbai Angels, Artha India Ventures, and 9Unicorns.
This year witnessed notable funding rounds for spacetech startups. Skyroot, in a Pre-Series C funding round led by Temasek, secured INR 225 crore (approximately $27.5 million) to bolster its growth trajectory. The funds will be channeled into infrastructure, technology leadership, talent acquisition, and increasing launch frequency and capabilities. Skyroot also made headlines by unveiling its indigenously built rocket Vikram-I at its new headquarters.
Agnikul, another pioneering spacetech startup, made headlines by securing INR 200 crore ($26.7 million) in October. This funding will be instrumental in expediting the commercialization of existing technologies and investing in key facilities such as mobile launchpads and test rigs to meet growing customer requirements.
As India cements its position in the global spacetech arena, these startups are not just reaching for the stars but also securing the financial backing needed to turn their ambitious visions into reality.
