The year 2024 marked a pivotal chapter for India’s spacetech sector. Despite global economic headwinds and funding challenges, the sector has demonstrated remarkable adaptability and innovation.

A key highlight of 2024 was the Indian government’s approval of a $119 Mn fund aimed at nurturing around 40 startups.

Aligned with the Indian Space Policy 2023, the initiative sets the stage for ambitious growth, aiming to scale the nation’s space economy from the current $8 Bn to $44 Bn by 2030.

Complementing this vision, programmes like the Biotechnology Industry Research Assistance Council (BIRAC) BIG grants, Design-Linked Incentive (DLI) schemes, and iDEX have also accelerated advancements across space, defence, and deep-tech domains.

The union cabinet also approved setting up a venture capital fund with a corpus of INR 1,000 Cr under the Indian National Space Promotion and Authorization Centre (IN-SPACe) this year.

While the spacetech sector saw support from the government, startups couldn’t garner much investor support. According to Inc42’s Indian Startup Funding Report 2024, total funding raised by Indina spacetech startups fell 35% YoY to $81 Mn last year, even as the number of deals rose from 11 in 2023 to 14 in 2024.

This dip in total funding can be attributed to the broader global........

© Inc42