54 new spacetech startups in 2023 represent new opportunities for India

Spacetech startups are harnessing artificial intelligence and 'deep technologies' like Blockchain and Internet of Things to transform industries and solve pressing societal challenges

India’s technology landscape is undergoing a significant transformation driven by the rise of deeptech startups. These ventures are tackling complex technical challenges and addressing critical socio-economic issues, demonstrating the transformative power of the technology. 

The emergence of deeptech startups represents a new frontier of opportunity and growth in India, with startups harnessing artificial intelligence and other ‘deep technologies’ like Blockchain and Internet of Things (IoT) to transform industries and solve pressing societal challenges. One of the areas that is witnessing such transformation is space technology.

“India’s spacetech sector is experiencing rapid growth, with the Indian Space Association (ISPA) reporting 54 new space startups in 2023, bringing the total to over 200,” said Kritika Murugesan, senior director, deeptech and startups, Nasscom. “This sector is set to significantly impact industries such as maritime, aviation, agriculture, energy, and telecommunications by providing satellite imagery, communication, and navigation services, enhancing profitability.” 

Nasscom, the apex body for the $245 billion technology industry in India, said it is dedicated to fostering a world-class deeptech ecosystem in India by building a collaborative network of startups, investors, enterprises, service providers, government agencies, and academia. 

“We work closely with the space association, startups, government bodies, and the industry to support and expand the ecosystem, positioning space not just as a scientific frontier but as a catalyst for socioeconomic growth,” said Murugesan.

Xovian Aerospace’s geospatial intelligence

One such firm is Xovian Aerospace, which is tapping geospatial and signals (GEOINT and SIGINT) intelligence through its radio-based nano-satellite infrastructure. It aims is to provide 24x7 real-time monitoring and analysis, enhancing operational efficiency across various industries. It delivers critical asset monitoring and situational awareness through the RF satellite-driven decision intelligence platform Skylobe. Xovian Aerospace empowers organisations with timely insights that drive informed decision-making and optimise operations. The firm was founded by Ankit Bhateja and Raghav Sharma in 2019.

GalaxEye’s multi-sensor imaging satellite

Another India-headquartered space tech startup, GalaxEye is the first to send a satellite into orbit. It delivers high-resolution, near-real-time satellite imagery regardless of weather conditions. The firm is developing the world’s first multi-sensor imaging satellite, known as the Drishti Mission. This satellite represents a significant milestone, being the world’s first hybrid satellite equipped with both Multi Spectral Imaging (MSI) and Synthetic Aperture Radar (SAR) sensors on the same platform. These indigenously-built satellites will empower governments, defence, and industries to conduct advanced geospatial analyses. 

GalaxEye was founded by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt in 2021. The co-founders were part of the Avishkar Hyperloop team at IIT Madras, a student initiative at the Centre for Innovation.

Harvest Global SSP’s AI platform for agri-solution

Gurugram-based spacetech firm Harvest Global SSP Pvt Ltd is focused on mapping Earth’s ecosystems.

By leveraging satellite, GIS (geographic information system), and remote sensing data alongside advanced AI, the company provides near real-time insights into agriculture and land ecosystems. Its integrated AI platform delivers analytics-driven solutions across agriculture, hydrology, climate monitoring and forestry. The firm was founded by Preeti Chaudhary in 2012.

Dhruva Space’s satellite platforms and subsystems

Hyderabad-based Dhruva Space’s Satellite Platforms is also driving innovation in space exploration and satellite communication. In its space segment, the company develops satellite platforms and subsystems for a range of weights, from 0.5 kg to 300 kg, including CubeSats, NanoSats, and MicroSats. The company also design spacecraft solar arrays for both manned and unmanned missions. In its launch segment, Dhruva Space is the only Indian private entity with deploys compatible with ISRO’s launch vehicles, including PSLV and SSLV.

The firm was founded in 2012 by Sanjay Nekkanti (chief executive), Chaitanya Dora Surapureddy (chief financial officer), Abhay Egoor (chief technology officer) and Krishna Teja Penamakuru (chief operations officer).

Indian space industry surge

Indian space sector was valued at $9.6 billion in 2020, and contributed 2 per cent to 3 per cent of the global space economy. The size of the sector is expected to reach $13 billion by 2025. By 2030 India further aims to capture a larger share of close to 10 per cent of the global economy, according to the government’s Invest India platform.

Experts say that India’s space programme has made significant progress in the past few years with successful missions to the Moon and Mars, and the launch of various commercial satellites, driving growth and innovation.

“The India Space Policy 2023 heralded a pivotal moment, unlocking private capital to bolster public initiatives and igniting a dynamic, competitive space industry. Private enterprises, start-ups, and government initiatives are converging to reshape India’s thriving space economy,” said Sreeram Ananthasayanam, partner, Deloitte Touche Tohmatsu India LLP, in a recent report.

“The downstream space sector has the potential to make a significant impact on India’s economy and society. By working together to address the challenges around awareness and adoption to bring an impact at scale, India can position itself to become a global leader in this sector and reap many benefits that it has to offer,” said Ananthasayanam.