Indian Spacetech Industry Secures USD 62 Million In Funding This Year By CIOTechOutlook Team

Indian Spacetech Industry Secures USD 62 Million In Funding This Year

CIOTechOutlook Team | Monday, 28 August 2023, 06:06 IST

Indian spacetech has received $62 million in investment so far this year, a significant 60% increase over the same period last year, as the world recognizes India's superiority in space following the Chandrayaan-3 accomplishment. India has successfully established its presence in this fast-moving industry by currently holding the seventh-best funding position in the global spacetech scene.

In the future months, it is anticipated that this remarkable growth trend will remain. Due to the sector's privatization in 2020, the Indian SpaceTech sector has seen significant change. A stunning $28 million in funding was secured for the sector in 2020, following a stratospheric jump from the modest $35 million funds raised between 2010 and 2019.

This pattern persisted and grew exponentially, hitting $96 million in 2021 and a stunning $112 million in 2022, which is a 17% increase from the prior year.

This steady expansion in funding sets the Indian SpaceTech sector apart from other industries affected by funding challenges and macroeconomic fluctuations.

"Previously dominated by governmental players, the sector has witnessed a significant surge in private sector participation post-privatisation. Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation,".

India's outstanding satellite deployment serves as more evidence of the country's rise to prominence in the spacetech industry. India has established itself as a major player in this field with 381 satellites in low orbit. Notably, India's contribution to global satellite ownership is demonstrated by the successful launch of 36 satellites into orbit by ISRO for UK-based OneWeb.