India's leading space tech startups: Pioneering the future of space exploration

Space tech startups in India: India's space industry is experiencing a transformative phase. Building on its legacy of space achievements, including missions like Chandrayaan, Mangalyaan, and Aditya-L1, India's entrepreneurial spirit is now leaving a remarkable imprint on the global space race.

ISRO remains the cornerstone of India's space endeavours. It continues to spearhead the nation's space exploration initiatives with ambitious projects, including the upcoming Gaganyaan. ISRO also offers crucial support and collaboration opportunities for emerging space startups. However, India holds just 2 per cent of the global space economy which is currently valued at $360 billion. 

Here's a glimpse of some leading Indian space tech startups that are reshaping the industry with ISRO’s support:

Dhruva Space: Established in 2012 by Sanjay Srikanth Nekkanti, Dhruva Space Private specialises in developing small satellites for commercial, governmental, and academic markets. Based in Hyderabad, the company is renowned for its satellite propulsion systems, known for their compactness and efficiency, gaining recognition globally.

Agnikul Cosmos: Founded in 2017 by Moin SPM, Satyanarayanan Chakravarthy, and Srinath Ravichandran, Agnikul is at the forefront of developing the country’s private space launch capabilities. It's Agnibaan rocket is poised to revolutionise the industry by offering cost-effective launch services for small satellites. Agnibaan is a highly customisable, two-stage launch vehicle capable of reaching orbits around 700 km high, catering to both low- and high-inclination orbits, and designed for mobility with access to numerous launchports.

Pixxel: Established in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is redefining Earth observation through its constellation of small satellites. The company's mission is to provide real-time imagery for various industries, including agriculture and disaster management.

Bellatrix Aerospace: Founded in 2015 by Rohan M Ganapathy and Yashas Karanam, Bellatrix Aerospace is known for pioneering work in electric propulsion technology. The systems enable satellites to achieve precise orbits and extend their operational lifespan.

Skyroot Aerospace: Set up in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is developing launch vehicles to meet the country's growing demand for satellite launches. The Vikram series of rockets, designed for the small satellite market, aims to make space access more affordable, with a vision of launching satellites becoming as easy as booking a cab – quick, precise, and cost-effective.

These startups encompass a wide range of expertise, from satellite propulsion to launch services and Earth observation. They are not only driving innovation but also playing a pivotal role in India's ambitious space goals, with the valuable support and collaboration opportunities provided by ISRO.

Another important player in the space tech sector is Hindustan Aeronautics Limited (HAL). HAL, a prominent player in India's aerospace industry since 1940, has expanded into space with projects like the Indian Human Spaceflight Programme, demonstrating its commitment to pushing boundaries in space exploration.

K Sivan, Chairman of ISRO had said that the Indian space ecosystem is thriving with innovation and determination. “We are excited to see these startups pushing boundaries and collaborating with ISRO to unlock the full potential of space exploration," Sivan added.

Image Credits: Pexels 

Industry outlook 

This transformation in the Indian space sector is reflective of its remarkable growth potential, with the industry valued at $9.6 billion in 2020, and poised to reach $13 billion by 2025, according to Invest India. 

While India currently holds a modest 2 per cent share of the $360 billion global space economy, it is important to note that the country is still in its early stages of space industry development. 

Notably, Elon Musk’s SpaceX has emerged as a leader in cost-effective satellite launches with its reusable rockets. Indian companies, on the other hand, are carving out their niche in the space sector by focusing on software and service offerings. 

The country has witnessed a surge in space tech startups. There are over 100 startups as of now, according to EY. Remarkably, nearly half of these startups were launched in 2021, coinciding with a threefold increase in private investments in the sector. 

In June, Peak XV Partners, formerly known as Sequoia India and Southeast Asia, made a significant investment of $10 million in Digantara. The space technology company specialises in space debris mapping, a critical aspect of space operations.

In September, Skyroot Aerospace secured $51 million in funding. This funding round, led by Singapore's GIC, marked a historic milestone as the largest-ever investment in the Indian space sector.

These developments underscore India's rising prominence in the global space industry, as it continues to nurture innovative startups, attract substantial investments, and make strides in space-related software and services. While the nation's current share may be modest, its trajectory suggests a promising future in the world of space exploration.