Algo Rhythm: Space technology startups soar high, says Tracxn report

India has more than 100 space technology startups and most were founded in the past five years. It owns 55 active space assets that include communication, meteorological and Earth observation satellites. According to a report by Tracxn, a market intelligence platform, 2023 was the highest-funded year for such firms. They overall got $126 million, a 7 per cent rise from the $118 million raised in 2022 and an increase of 235 per cent compared to $37.6 million in 2021. In 2024, space tech startups have raised $10.8 million yet.