Spacetech startups witness record-breaking funding

Bengaluru: India’s spacetech sector witnessed record-breaking funding of $126 million in 2023 -- a 7 per cent increase from the $118 million raised in 2022 and a whopping 235 per cent increase from $37.6 million in 2021, a report showed on Tuesday.

In 2024, the year-to-date funding for the sector stands at $10.8 million.

Despite a global slowdown in funding, the spacetech sector has been experiencing an upward trend, driven by substantial government support and significant innovations, according to data provided by market intelligence firm Tracxn.

There are more than 100 spacetech startups, the majority of them being founded in the last five years. The Union Budget’s funding of Rs 1,000 crore is expected to boost the industry significantly, attracting more entrepreneurship and investment in the coming months.

Currently, the country boasts 55 active space assets, including communication, meteorological, and earth observation satellites.

“The significant funding and strategic investments we're seeing now are setting the stage for India to become a major player in the global space industry,” said Neha Singh, Co-founder of Tracxn.