Funding on Earth but sky is the limit for India's space technology sector

The journey of the Indian space technology (spacetech) sector has been one of transformation, driven by its privatisation in 2020.

According to a report by market intelligence platform Tracxn this month, India ranks seventh in terms of funding within the international spacetech landscape for the year.

Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation.

The funding trajectory of the Indian spacetech ecosystem tells a compelling story of growth and resilience. From a modest $35 million in funds raised between 2010 and 2019, the sector experienced a meteoric rise in 2020, securing a remarkable $28 million in funding. This trend continued with exponential growth, reaching $96 million in 2021, and an impressive $112 million in 2022, marking a 17 per cent increase from the previous year.

Building on its upward trajectory, the Indian spacetech sector has already attracted $62 million in funding for the year 2023, reflecting a substantial 60 per cent increase compared to the same period last year. This provides a revealing glimpse into the sector’s startup growth over the years.