India, a country that once struggled to keep up with global space powers like the United States and the Soviet Union, has now emerged as a key player in the space-tech industry. With at least 140 registered space-tech startups, India has become a hub for venture capital investors seeking opportunities in the sector.
One of the notable startups in the industry is Skyroot Aerospace, whose founders recently celebrated the successful launch of their first private satellite last November. Skyroot’s CEO, Pawan Kumar Chandana, anticipates a global need for 30,000 satellites to be launched in the next decade.
India’s growing importance in the field of space science has caught the attention of world leaders. During a meeting between President Joe Biden and Prime Minister Narendra Modi, both leaders called for increased collaboration between the US and Indian private sectors in the space economy, with a focus on countering China’s influence in the sector.
The Indian Space Research Organisation (ISRO), India’s version of NASA, has a rich history of achievements. However, in recent years, India shifted its focus to more tangible developments in fields like information technology and pharmaceuticals. Now, with the government’s push to open up the space sector to private enterprise, India is once again making strides in the industry.
India’s space startups are not only attracting significant investments but also driving innovation across various sectors. Satellites are being used for imaging systems that help farmers insure their crops, enable phone signals in remote areas, and support solar farms. Last year alone, the space startups received $120 million in new investments.
ISRO’s collaboration with private players has also been beneficial. With a launch success rate of almost 95%, ISRO’s spaceport in Sriharikota has made India one of the most competitive launch sites globally, reducing satellite insurance costs significantly. The market for launching equipment into space is estimated to be worth $6 billion this year and could triple in value by 2025.
While startups like Skyroot and Dhruva Space primarily focus on launch and satellite delivery, data collection from satellites represents the largest portion of India’s space business. Companies like Pixxel are developing advanced imaging systems to detect patterns on the Earth’s surface, while consumer broadband and TV services are also expected to play a significant role in the future.
The founders of Skyroot Aerospace, who have raised $68 million in funding, remain focused on advancing the scientific aspects of their work, emphasizing that running a company is simply a matter of common sense. With its thriving space-tech ecosystem and growing entrepreneurial spirit, India is poised to transform the global space industry.
Credit: The Star : News Feed
