The Indian government has been focused on the space tech sector for the past few years. India reported over 100 space tech startups in 2023 alone. The finance minister, Nirmala Sitharaman also announced the plans to launch a Rs 1,000 crore venture Capital fund. The funds will focus on the space economy and private sector-based research and innovation at the commercial scale. Last year, the GST Council also announced a 0 percent GST regime for space tech startups. Following this the tech giant Microsoft collaborated with Indian Space Research Organization to boost the spacetech startup ecosystem in India.
The Indian startups achieved a remarkable achievement in 2023 with around 100 Indian startups registered with ISRO. According to the reports, these startups raised around 233 million USD in funding rounds across more than 30 deals raised between 2014-2023. Inc42 mentioned in a report that the Indian space tech sector is estimated to cross 77 billion USD in market size by the next six years. The government is launching several schemes to help startups scale up their operations by providing financial support and mentorship. Here are some of the Indian space-tech startups.
GalaxEye Space
GalaxEye is a manufacturing company that develops multi-sensor imaging satellites to offer geospatial analysis. The startup uses advanced technologies to provide imaging capabilities to operate in critical weather conditions. The startup has secured over 10.5 million USD across six funding rounds since its inception in 2021, including $6.5 million raised during its series A funding round. The company has investors including Lets Vetures, Mela Ventures, and Speciale Invest. The space tech startup faces competition from other companies in the same segment such as Spre, and DigitalGlobe.
Aadyah Aerospace
The startup provides defense engineering, technology, space, and aeronautics solutions. The company offers electronic optics and control actuation systems for missiles and launch vehicles. The startup uses advanced technologies to provide computer vision, Motion control, and prototype design solutions. The company develops electric mechanical actuators for the space-tech industry. The company has secured around $6.12 million across multiple funding rounds. The company has investors like Keiretsu Forum and competes with startups like AAC Clyde Space, and AAC Microtec.
Dhruva Space
Dhruva Space is an application-agnostic small satellite platform that provides integrated solutions for space applications. The platform offers applications like earth stations and launching services. The company allows users to possess space assets by providing launch and space solutions. The startup has secured around 16.1 million USD across all its funding rounds, including $2.88 million raised during its venture debt round from SIDBI. The company has investors including Indian Angel Network and Blue Ashva Capital. Dhruva Space faces competition from companies including True Anomalym, NanaRacks, and Sierra Space.
GreenSat Innovation Labs
GreenSat Innovation Labs provides satellite-based agriculture to improve agricultural activities. The company aims to enable farmers to protect plants and crops using mining, water management, and energy solutions. The space tech startup uses cutting-edge technologies and artificial Intelligence tools with neural network algorithms for weather updates and to detect pest infections. The startup secured $30k during its seed funding round led by Kishore Kumar Ganji. GreenSat Innovation Labs competes with Carnot and other companies in the same segment.
Kepler Aerospace
The space tech startup Kepler Aerospace offers engineering solutions for small satellites. The startup provides users with manufacturing, design, and management solutions for small satellite developments across the space-tech sector. The company collaborates with the defense and development organization and ISRO for space solutions and projects. The startup received Rs 10 crore in two tranches from the defense space agency. The company competes with startups including Blue Canyon Tech, OHB, and Terran Orbital.
Pixxel
Pixxel is an online platform provider of high-resolution hyperspectral earth imaging datasets. This startup allows users to monitor, detect, and predict threats. The company uses cutting-edge technologies and offers hyperspectral imaging satellites to provide data and real-time insights. The startup operates across various sectors including agriculture, environment, mining, and energy. The Bengaluru startup secured 71.7 million USD to date, including the series B round led by NB Ventures. It faces competition from other companies like Capella Space, and Spire.
Agnikul
Launch Vehicle manufacturer for small payload Agnikul is one of the leading space tech companies. The startup develops a two-stage launch vehicle capable of carrying the payload to low Earth orbit. Agnikul became one of the first Indian private companies to collaborate with IN-SPACE and ISRO for its projects. The company secured $26.7 million in its series B funding round from Celesta Capital to expand its services and aim for market expansion in 2023. The startup faces competition from other space launch vehicles such as Rocket Lab, Skyroot, and SpaceX.
Kawa Space
Kawa Space provides satellite-based geospatial insights, population density, 3D surface area, demographics, and information on rainfall. The platform operates across multiple sectors such as real estate, travel, and on-demand service providers. The startup has secured around 1.4 million USD in several funding rounds since its inception, including $172k raised from Lets Venture and other investors in 2022. The company faces competition from Orbital Insight, Spire, and SatSure.
Manastu Space
This space tech startup develops green propulsion systems for satellites that use hydrogen peroxide as fuel with additives. The startup claims to design propulsion systems with agility, efficiency, safety, and affordability. The company has raised around 3.71 million USD in funding across multiple rounds. The startup recently secured $132k from its existing investors. The company has investors including Oswaal Books, Texport, and BIG Capital. This space-tech startup competes with companies like Dhruv Space, Sierra Space, and more.
Satellize
Space tech startup Satellize uses advanced artificial intelligence to develop satellites and use it for crop monitoring and other services. The startup developed Exseed Sat-1 and Exseed-2. The satellites designed by the company can be used for weather forecasting solutions and to monitor greenhouse gas emissions. The company raised the fresh capital of $316l in its seed funding round at a valuation of 1.73 million USD. The company competes with other satellite manufacturing companies such as Blue Canyon Tech and Terran Orbital.
Conclusion
The Indian space tech industry has been growing rapidly for the past few years. Last year, around 100 space tech startups were registered with the Indian Space Research Organization. These startups have raised around 233 million USD across 30 deals from 2014 to 2023. The government of India has been launching several schemes in the past few years including funding programs and initiatives schemes to promote the Indian Space-tech startup ecosystem.
The Indian National Space Promotion and Authorization Center recently announced its plans to collaborate with several Indian private firms and startups to build and manage Earth Observation systems based on Space. The program is focused on developing a robust, sustainable, and self-reliant earth observation system for earth observation data. The growth and profit from startups will help India solidify its position in the global space tech industry.
The government is focused on making Indian startups grow and compete in the global market. The government of India allocated Rs 1000 crore venture capital fund focused on private and small research and innovation space companies. The budget is to increase the focus on the Indian space economy. The scheme aims to boost emerging startups in the rapidly growing space tech industry.
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