Bengaluru, July 30 – India’s spacetech sector has been making significant strides in terms of funding, with a record-breaking $126 million raised in 2023. This marks a 7% increase from the previous year and a staggering 235% increase from 2021. The sector has seen a remarkable upward trend, fueled by government support and groundbreaking innovations. Currently, there are over 100 spacetech startups in India, with a surge in activity over the last five years. The recent Union Budget allocation of Rs 1,000 crore is expected to further boost the industry, attracting more investments and fostering entrepreneurial growth. With 55 active space assets in orbit, including communication and earth observation satellites, India is well-positioned to emerge as a key player in the global space industry. As early-stage funding continues to soar, the outlook for the country’s spacetech startups appears promising, setting the stage for a future ripe with innovation and technological advancement.
India’s Spacetech Sector Surpasses $126 Million Funding Milestone in 2023
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