Indian Space Startups Experience a Boom in Funding and Growth
India’s space tech ecosystem is witnessing a significant surge in funding and growth as new policies drive the industry forward. Over the past decade, Indian space tech startups have raised over $233 million in funding, with several companies registering with the Indian Space Research Organisation (ISRO) each year. This boom is expected to be further amplified by the Indian Space Policy 2023, which aims to propel India’s global space economy from its current 3% to an ambitious 9% by 2030, according to a report by Deloitte.
A number of notable space tech startups have emerged in recent years, contributing to India’s growing space economy. Aadyah Aerospace, based in Bengaluru, is one such company that is making waves in the industry. With a focus on aeronautics, space, and defense engineering solutions, Aadyah Aerospace integrates artificial intelligence (AI) into computer vision, communication, and motion control, positioning itself as a trendsetter in the field.
In Bengaluru, Astrogate Labs is leading the charge in enabling high-speed communications for small satellites. Founded in 2017 by Aditya Kedlaya and Nitish Singh, the company is at the forefront of the startup movement in this space. Meanwhile, Dhruva Space, Bellatrix Aerospace, and TM2Space made headlines at the beginning of 2024 with their payloads on the Indian Space Research Organisation’s Polar Satellite Launch Vehicle.
Hyderabad-based Dhruva Space showcased its LEAPTD (Launching Expeditions for Aspiring Technologies Technology Demonstrator), which demonstrates microsatellite subsystems. Bellatrix Aerospace, headquartered in Bengaluru, launched two payloads, including the Rudra 0.3 HPGP green monopropellant thruster and ARKA 200 thruster variant. TM2Space, also known as TakeMe2Space, from Bengaluru, has also garnered attention from the country’s satellite policy makers.
Agnikul, based in Chennai, has been making its mark since its establishment seven years ago. The company has taken a significant step forward by constructing its own launchpad and mission control center at the Satish Dhawan Space Centre in Sriharikota. With the support of angel investors such as Sriram Krishnan, Anand Mahindra, Nithin Kamath, and Naval Ravikant, Agnikul has become one of the first Indian private enterprises to partner with both ISRO and IN-SPACe for the development of its projects.
Garuda Aerospace, a drone maker, has also established itself as a formidable player in the industry. After raising Rs 25 crore in a bridge funding round led by Venture Catalysts and WeFounderCircle, Garuda Aerospace is now considering an initial public offering (IPO). With a team of dynamic engineers and innovative design methodologies, Garuda Aerospace sets itself apart in design and development.
Digantara, another Bengaluru-based startup, is focused on creating a sustainable space environment and is currently developing a space debris detector. The company aims to build an ecosystem for small satellites in India and has collaborated with local partners to achieve this goal. Additionally, Digantara is developing an end-to-end infrastructure through its Space Mission Assurance Platform to manage space operations and address the challenges of space traffic.
Elena Geo Systems, incubated at IIT-Kharagpur, is working in the niche area of NavIC-based monitoring. The Bengaluru-based company aims to revolutionize navigation in the Indian region by providing NavIC-enabled services and products. Their state-of-the-art technologies offer precision, stability, security, and reliability, making them ideal for 21st-century location-based services and applications. Recently, Elena Geo Systems launched India’s first composite NavIC chip.
These are just a few examples of the thriving space tech ecosystem in India. Other notable players in the industry include Eon Space Labs, GalaxEye Space, InspeCity, Kawa Space, Newspace Research & Technologies, Omnipresent Robot Technologies, Pixxel, Satellize, SatSure, Skyroot, and Vasundhara Geo Technologies. With increased funding, supportive policies, and a growing network of startups, it is clear that India’s space tech sector is poised for remarkable growth in the coming years.
(Article Source: Republic Business)
