New Delhi: India has made a big announcement for the space startups that they will some funds from the Indian government for their startups the fund amount is unveiled as about $119 million to get high growth in the startups the fund will be managed by the country’s space regulator, Indian National Space Promotion and Authorisation Centre. it will help generate employment, boost space technology development fortify the supply chain, and support research and development.
The Indian Government on Thursday approved a 10-billion-rupee fund for its burgeoning space sector, with 40 startups expected to benefit as the country strives to win a significant share of the commercial space market by 2033. With funding ranging from 100 million to 600 million rupees depending on how mature each startup is, the fund will help to generate employment, boost space technology development, fortify supply chains, and support research and development the government said in the statement.
Capital Infusion will create a multiplier effect by attracting additional funding for later-stage development it added. India is among the top five space-faring nations in the world but holds only about a 2% market share of the commercial space market. Prime Minister Narendra Modi’s government has been pushing to change that, opening up the industry to foreign investment and targeting a five-fold increase in market share of $44 billion by 2033.
The country currently has nearly 250 space startups, many of which are in the business of providing cost-effective services and hardware to sectors such as communications, agriculture, and commodities, where high-quality data is a precious resource. Others are building the country’s first private rockets, and private equity investment in the industry has risen to $123 million in 2023, a 7% increase from the $118 million raised in 2022 and an increase of 235% from the $37.6 million raised in 2021, according to Tracxn Data.
About the Indian National Space Promotion and Authorization Centre:
Indian National Space Promotion and Authorization Centre (IN-SPACe) is a single-window autonomous agency under the Department of Space of the Government of India. The establishment of IN-SPACe was announced in June 2020 by the Minister of State for Space Jitendra Singh with the Union Cabinet approving its creation. In the same month Secretary (Space) and chairperson of the Indian Space Research Organisation, Kailasavadivoo Sivan, said that it would take up to six months to operationalize IN-SPACe, with the Department of Space handling its function in the meantime.
