ISRO Chairman Highlights Role of Startups in India’s Space Industry Growth
Indian Space Research Organisation (ISRO) Chairman S. Somanath emphasized the crucial role of startups and the private sector in driving the growth of India’s space industry. Speaking at the startup festival Huddle Global 2024, organized by Kerala Startup Mission, Somanath shared his vision on ISRO’s goals and the rise of India’s space tech companies.
According to Somanath, while India is already recognized as a global space power, its current share of the global space business is just 2%, valued at $386 billion. However, he expressed optimism, stating that India aims to increase its share to $500 billion by 2030 and reach $1.5 trillion by 2047.
He highlighted that India’s expertise in space technology, combined with the growing number of satellite manufacturing companies, positions the nation to potentially launch at least 500 satellites into space. This ambition aligns with India’s increasing presence in the global space sector.
Somanath’s comments come at a time when India’s space tech sector is gaining significant momentum, supported by government initiatives. These include opening up the space sector to private entities, liberalizing the FDI (Foreign Direct Investment) regime, and launching new space programs to promote startups.
As a result, the Indian space tech industry has seen the emergence of over 150 startups in recent years. Notable names such as Pixxel, Agnikul, and Skyroot are making waves in the industry, and the sector is projected to reach a market size of $77 billion by 2030, according to data from Inc42.
Investors are increasingly taking interest in the space sector, driven by its focus on research and innovation. Recently, spacetech startup GalaxEye raised $10 million in its Series A funding round from MountTech Growth Fund, Mela Ventures, Speciale Invest, iDeaForge, Smarthya Investment Advisors, and Infosys.
In October, another spacetech startup, XDLINX Space Labs, raised $7 million in its seed funding round, led by investor Ashish Kacholia, with additional participation from E2MC, Mana Ventures, and a family office.
As India’s space industry continues to expand, the role of startups in fostering innovation and contributing to the country’s space ambitions has never been more important.