India’s space tech ecosystem climbs to new heights in 2022 and anticipates investment of over $300 million in 2023
- ByStartupStory | December 28, 2022
India’s first private rocket launch and numerous other satellite launches by private operators made 2022 a momentous year for the Indian space technology industry, grabbing the attention of both the subcontinent and the rest of the world.
Going into 2023, the industry anticipates riding this momentum and anticipating an investment in private capital of about $300 million, multiple orbital launches of rockets other than satellites, and the implementation of the new India Space Policy, which will further open up the ecosystem.
The launch of the first Indian-manufactured satellites authorized by IN-SPACe and the building of the first privately owned rocket launchpad by Agnikul Cosmos make 2022 a historic year for the space technology industry.
The commercial arm of the Indian Space Research Organization (ISRO), NewSpace India Limited (NSIL), granted permission to the space conglomerate formed by Larsen and Toubro and HAL to develop five Polar Satellite Launch Vehicles (PSLVs) in 2022, according to Lt Gen AK Bhatt (ret. ), director general of the Indian Space Association (ISpA).
Along with the Department of Telecommunications’ first satellite broadband license agreement, OneWeb also struck a deal with NSIL to launch low-Earth orbit satellites from India.
Skyroot Aerospace: Skyroot Aerospace, a space technology business based in Hyderabad, made history this year when it launched its rocket Vikram-S to become the first private enterprise to launch into space. Additionally, the startup received $51 million from GIC.
Similar to other startups, Dhruva Space, based in Hyderabad, qualified its satellite orbital deployer on PSLV C53 in June before launching its two Thybolt satellites on PSLV C54 in November.
Krishna Teja Penamkuru, the chief operating officer of Dhruva Space, revealed to Moneycontrol that the business increased the size of its Hyderabad headquarters from 3,000 square feet to approximately 10,000 square feet.
Digantara: According to the CEO of the business, Anirudh Sharma, Digantara, based in Bengaluru, launched the smallest and first commercial space weather sensors into low Earth orbit.
The business is also creating an infrastructure for space situational awareness (SSA), which is the practice of tracking objects in orbit and forecasting their locations at any given moment. Sharma claimed that the business had declared its plans to launch a ground-based SSA observatory in 2022. The three solid-stage rocket engines that SpaceFields has been developing are similar.
Additionally, in November 2022, an ISRO rocket carried three hyperspectral satellites, including the most recent satellite, Anand, from the Bengaluru-based startup Pixxel.
“The new ‘Indian Space Policy,’ followed by the Space Activity Bill, will be a complete game changer that will cover upstream and downstream activities and help formulate a vision to bolster the investment climate in the private space sector,” ISpA’s Bhatt said.
However, the sector predicts a huge need for satellites in the upcoming years, driving growth in satellite-enabled services while the nation waits for the Space Act and the India Space Policy.
G20: The Indian space technology sector anticipates a substantial boost to the ecosystem with India taking up the G20 presidency this year.
“It’s a boon that India is taking on the year-long presidency at the G20. The focus on climate finance, disaster response,, and startups will have a huge impact on the space-based solutions that India can provide for the betterment of people’s lives on Earth,” said Dhruva Space founder Sanjay Nekkanti.
The government should start offering a PLI for satellite development in 2023, according to ISpA’s Bhatt. This will help foster the growth of new firms and strengthen the private space ecosystem, according to Bhatt.
More money: Pawan Kumar Chandana, CEO of Skyroot Aerospace, forecasts a cash influx of more than $300 million. India currently has more than 100 space startups with funding totaling more than $245.35 million.
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