According to a report by Tracxn, India’s space technology sector has received $126 million in funding in 2023, up 7 per cent from $118 million raised in 2022 and a 235 per cent increase from $37.6 million in 2021.
In 2024, the year-to-date funding stands at $10.8 million. Meanwhile, in 2023, early-stage rounds secured $120 million of the total $126 million raised, marking a 5 per cent increase from $114 million in 2022. So far in 2024, early-stage funding has reached $8.5 million. Seed-stage funding saw a 24 per cent rise, growing to $5.3 million in 2023 from $4.3 million the previous year.
As per the report, Skyroot Aerospace remains the highest-funded active space technology startup in India, with total funding of $99.8 million. Pixxel follows with $71.7 million, and Agnikul is third with $61.5 million.
Bengaluru tops the list of cities with the most funding in the space technology sector, followed by Hyderabad and Chennai. Startups in Bengaluru have received more than 55 per cent of the sector’s total funding and the city also boasts the highest number of space technology startups. Speciale Invest, Anicut Capital, and GrowX Ventures. Anicut Capital, LetsVenture, and Rosmerta Technologies have been the primary seed-stage investors over the past two years, while Ban Labs, Anicut Capital, and Artha Venture Fund have been prominent in early-stage investments.
