Indian SpaceTech Sector receives $62 Million Funding in 2023

India has solidified its position as a SpaceTech powerhouse for the year 2023, with a spectacular USD 62 million in funding already in place—a significant increase of 60% from the same time last year. The sector's attractiveness to investors and its potential for further expansion are demonstrated by this remarkable growth trajectory, which is anticipated to continue in the months to come.

India currently ranks seventh in terms of funding within the international spacetech landscape, firmly establishing its influence in this dynamic sector, according to a latest report by market intelligence firm Tracxn.

"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.

This exceptional growth trend is expected to continue in the upcoming months. The Indian SpaceTech sector's journey has been one of transformation, driven by the sector's privatisation in 2020. From a modest $35 million funds raised between 2010 and 2019, the sector experienced a meteoric rise in 2020, securing a remarkable $28 million in funding. This trend continued with exponential growth, reaching $96 million in 2021 and an impressive $112 million in 2022, marking a 17 per cent increase from the previous year.