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| Shakuntala, the first Pathfinder satellite from startup Pixxel, is set to launch in April 2022 and return to Earth after completing its maiden space mission in 2024. (Image from Pixxel) |
In February, the Indian National Space Promotion and Licensing Centre (IN-SPACe) set up a $57 million fund to support early-stage space technology, covering up to 60% of project costs for startups and 40% for larger organizations.
In October 2024, the Indian government approved a $119 million venture capital fund to promote space startups over five years, part of a strategy to privatize the space industry, which was previously monopolized by the Indian Space Research Organization (ISRO).
Indian startups are slowly showing their potential. Bengaluru-based Pixxel launched three hyperspectral imaging satellites on SpaceX rockets and raised $95 million from Google and Fireflies. It plans to launch more Honeybees and an imaging satellite for the Indian Air Force. Meanwhile, Digantara, which develops the Space Debris Surveillance System (SCOT), launched its first commercial surveillance satellite.
According to data platform Tracxn, Indian space startups have raised more than $350 million in the past five years. Notably, from February 2024, the government allowed 100% foreign investment in the satellite sector without formal approval and eased restrictions on launch vehicles.
Today, many startups are emerging in the Indian space industry, from satellite manufacturing (Pixxel, Digantara), satellite propulsion systems (Bellatrix Aerospace) to rocket development (Agnikul Cosmos). According to the government’s investment promotion agency, the sector is expected to reach a value of over $13 billion by 2025, becoming one of the important economic pillars of India.
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