Funding for India’s space sector, a crucial part of the nation’s ambitions to become a global superpower, fell by 55% in 2024, dropping to $59.1 million from $130.2 million in the previous year, according to data from market intelligence platform Tracxn.
This decline follows a global trend, with space industry investments dropping 20%, marking the first fall in at least five years. Over the past five years, space companies globally raised about $28 billion, while Indian firms secured roughly $354 million, the data revealed.
India’s space industry gained international recognition with the Chandrayaan-3 lunar landing and the Aditya-L1 solar probe launch. The growth of its private space sector is increasingly viewed as essential to reaching the goal of a $44 billion private space economy.
The Indian government has taken steps to boost the sector, approving a 10 billion rupee ($119 million) fund in October 2024 to support space startups and planning to expand India’s share of the global commercial space market by 2033.
Industry experts are hopeful for a rebound in funding in 2025. “The next 12 months will be pivotal in shaping the future of India’s space tech startups,” said Vishesh Rajaram, managing partner at Speciale Invest, which supports companies like Agnikul Cosmos, GalaxEye, and Inspecity.
In 2023, India’s space sector saw a funding peak of $130.2 million, a 32.9% increase from 2022, driven by investments in satellite technology, launch vehicles, and space exploration.
