India’s technology sector is experiencing a major shift with the rapid rise of deeptech startups and particularly in the spacetech segment. The country witnessed emergence of 54 new spacetech startups in 2023.
The spacetech startups are using advanced technologies to solve complex technical problems and unlock new opportunities. The growing influence of AI and blockchain in the sector showcases the potential for deeptech to revolutionize space exploration and also various industries that rely on these innovations.
The spacetech ecosystem of India has seen remarkable progress in recent years and partly due to the increasing support of the government. India captured global attention in 2022 with its first private rocket launch by Skyroot and numerous satellite missions. The shift is driven by the commitment of the government to strengthen the growth of private spacetech players. The Indian government has provided a strong foundation for innovation from funding and infrastructure support to technology access.
Finance Minister Nirmala Sitharaman’s 2023 budget highlighted the focus of the government on the space economy and it includes the creation of an INR 1,000 crore venture capital fund to boost private sector research and development.
The momentum in spacetech sector is palpable equipped with more than 100 spacetech startups registered with the Indian Space Research Organisation (ISRO) in 2023 alone. Collaborations like Microsoft’s partnership with ISRO in January 2023 have further fueled the rise of innovative startups.
Indian spacetech startups have raised approximately $233 million across 30+ deals from 2014 to mid-2023. It is to position India as a key player in the global space exploration.
The 54 new startups in 2023 represent the next wave of growth and innovation.
