Indian Space Startups’ Ambitions Attract Significant Investments - News

India’s space industry is undergoing a rapid transformation as startups work to reduce the cost of rocket launches, attracting an increased investment. Brajesh Singh, President, Arthur D. Little India, a leading tier-one management consulting firm, mentioned that the government aims to support startups and increase global exports of space technologies and components.

Agnikul Cosmos Pvt Ltd, a startup founded in 2017, successfully launched an experimental rocket from Sriharikota, Andhra Pradesh. The company collaborated with EOS GmbH, a German 3D printing company, and the Indian Institute of Technology (IIT) Madras to develop the rocket’s 3D-printed engine. The company strives to lower launch costs by 95 percent and launch rockets every two weeks, focusing on small satellite demand. 

Skyroot Aerospace Pvt Ltd, another startup, completed its first private-sector launch and secured international contracts, including partnerships with a French satellite firm and ispace Inc, a Japanese spacecraft company. Praising the abundance of skilled talent, Masa Yamamoto, Partner, SGgrow Pte Ltd, an investment firm, noted that the country is drawing attention for its ability to develop technology at lower costs.  

According to Nirmala Sitharaman, Minister of Finance, Government of India, the government has launched a US$ 119 million venture fund to aid space startups with a single goal of expanding the country’s space economy fivefold by 2040.