Indian space tech sector gets $62 mn in funding this year

As the world acknowledges India’s space dominance after the Chandrayaan-3 success, the spacetech sector in the country received $62 million in funding this year to date, reflecting a substantial 60 per cent increase compared to the same period last year. India currently ranks seventh in terms of funding within the international spacetech landscape, firmly establishing its influence in this dynamic sector, according to a latest report by market intelligence firm Tracxn. This exceptional growth trend is expected to continue in the upcoming months. The Indian SpaceTech sector’s journey has been one of transformation, driven by the sector’s privatisation in 2020. From a modest $35 million 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. This steady expansion in funding sets the Indian SpaceTech sector apart from other industries affected by funding challenges and macroeconomic fluctuations. “Previously dominated by governmental players, the sector has witnessed a significant surge in private sector participation post-privatisation. 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 report noted.