India’s space tech industry has seen an increase in funding trajectory over the years. The country is currently placed seventh in international spacetech funding for the year, according to insights from data platform Tracxn.

In the first half of the year, the industry attracted $62 million in funding, a 60 per cent increase compared to the same period last year.

In 2022, the space tech industry secured funding of $112 million, a 17 per cent increase from the previous year. Funding stood at $96 million in 2021, according to data from Tracxn.

From a modest $35 million between 2010 and 2019, the sector experienced a meteoric rise in 2020, securing a remarkable $28 million in funding.

“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,” the report noted.

With 381 satellites placed in low orbit, India has positioned itself as a key player in this arena.

Notably, the successful launch of 36 satellites by ISRO for UK-based OneWeb illustrates India’s contribution to global satellite ownership.

Budget 2023 initiatives further support private enterprises’ role in this sector, from launching satellites and rockets, to operating Earth stations with a zero per cent GST regime.

Plans for a production linked incentive (PLI) scheme for satellite manufacturing is also in the pipeline.

Satellite-based Imaging Solutions have also witnessed substantial support, with $84.2 million in funding secured over the past two years. Companies like Pixxel have introduced pioneering technologies for earth observation, while Dhruva Space and Bellatrix Aerospace are contributing to the sector through their unique offerings.