According to Tracxn, India’s space sector funding dropped by 55 per cent in 2024 to $ 59.1 million from $ 130.2 million in 2023, marking the first fall in five years. Globally, there was a 20 per cent decline in investment as space companies raised $ 28 billion in the last five years. Indian companies secured $ 354 million during the same period.
As per the data, India’s space industry has gained global attention with Chandrayaan-3 lunar landing and Aditya-L1 solar probe launch. Its private space sector growth is increasingly seen as crucial for achieving the long-term goal a $ 44 billion private space economy.
The government has sought to stimulate the sector by approving a Rs 10 billion ($ 119 million) fund in October 2024 to support space start-ups and setting plans to expand India’s share of the global commercial space market by 2033.
The data highlighted that India’s space sector saw a 32.9 per cent increase in funding in 2023, reaching a funding peak of $130.2 million, primarily due to initiatives supporting satellite technology, launch vehicles, and space exploration.
In addition, Indian space start-ups raised $ 353.5 million from 2020 to 2024 across 72 funding rounds, with Indian Space Research Organisation predicting a 20 per cent to 30 per cent budget increase to support deep space exploration and heavy-lift rockets over the five-year period.
Meanwhile, the industry participants anticipate a boost in funding in 2025.
