Space-Tech Ecosystem – A new Revolution and way towards Enhancement. With the growth in many other sectors in India, the space sector experienced exponential growth. Technological advancements have been taking place with the interests of investors getting renewed and better.
Two Indian Space startups – Agnikul and Skyroot each raised 11 million in funding in separate series to become the nation’s first private venture to build commercial satellites. This does clearly portray the interest of investors in space-tech startups. The interest came along because of many reasons like new ideas and a technology boost.
The decision of our Finance Minister, Nirmala Sitaraman to open space tech to private players has given a lot of boost to the space industry and the upcoming investments. Earlier, there wasn’t unlimited private participation. It was limited. Now, new reforms have led the private players to get access to the infrastructure, programmers, and technical resources to ISRO.
The Pixxel and Vesta Space got funding of $7.3 million and $10 million from a US-based investment firm later in March this year 2021. Agnikul startup built a launch vehicle named Agniban which is a small satellite launch vehicle that can carry 100 kg of payload to earth’s orbit. Skyroot is developing a group of launch vehicles capable of carrying satellites of different payloads.
“Large customer demand and talented management combined with the viability of tech such as 3D printing, which wasn’t possible 20 years ago, as well as an ecosystem geared to support startups development amidst government tailwinds, makes the perfect storm come together to make space tech investing in India viable finally,” says Vikram Godse, Managing Partner, Mayfield India, which has invested in space tech startup Agnikul.
Earlier, there was a huge risk of investment in space tech but now global trends are changing, they are ever dynamic and a lot of fundings and investment are coming from global firms which shows the increase of India’s progress in Space tech startups.
With brilliant youth minds and opportunities by the government who opened the space tech to private players. The new reforms and policy of India are very encouraging and have led to global investments leading to demand for commercial space applications, satellites, and other technological equipment.
Coming together of the private and public sector with correct policies and reforms will make India reach towards new advancements and heights and global investors will be taking more interest in space tech startups in India.