India's Space industry Funding Plummets 55% to $59.1M in 2024

CIOTechOutlook Team | Tuesday, 07 January 2025, 08:36 IST

  • No Image

Funding in India's space industry, a crucial element of the nation’s aspirations to emerge as a global superpower, fell by 55% in 2024 to $59.1 million, down from $130.2 million the year before, based on data from the market intelligence platform Tracxn.

The decrease, occurring during a worldwide 20% decrease in space industry funding, represents the first decline in at least five years. Worldwide, space firms accumulated roughly $28 billion in funding over the past five years, whereas their Indian equivalents raised around $354 million during that timeframe, according to Tracxn data.

India's space sector has attracted worldwide interest with the Chandrayaan-3 moon landing and the launch of the Aditya-L1 solar probe. The expansion of its private space sector is increasingly viewed as essential for realizing the long-term objective of a $44 billion private space economy.

In October 2024, the government aimed to boost the sector by sanctioning a fund of 10 billion rupees ($119 million) to assist space startups, while also outlining initiatives to increase India's portion of the global commercial space market by 2033. Industry insiders indicated they anticipated an increase in funding by 2025.

"The next 12 months will be crucial in shaping the future of India's space tech startups," said Vishesh Rajaram, managing partner at Speciale Invest, which backs companies such as Agnikul Cosmos, GalaxEye, and Inspecity.

🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...