A new wave of space startups in India is now catching the attention of global investors, who are willing to sink in billions of dollars in the budding industry.
Companies such as Bellatrix Aerospace, a company building miniature satellites to be launched in space using cleaner rockets, is now attracting investors from all over the globe who want to capitalize on the new space race in Asia.
Bellatrix Aerospace managed to raise more than $3 million in its latest funding round. The Bengaluru-based company attracted investors with its promise of launching its own satellites using electric and non-toxic chemical rockets. The company's pre-Series A round was heavily funded by investment firms such as IDFC Parampara and other venture capitalists.
High-profile investors in Bellatrix Aerospace also included India's billionaire family led by Suman Kant Munjal. One of the country's biggest Bollywood stars Deepika Padukone also participated in the funding round.
Kawa Space, a Mumbai-based manufacturer of earth observation satellites, also managed to conclude its latest funding round this month. The company did not disclose the amount it had raised during the funding round. However, based on its investors, the company likely raised a substantial amount. Leading the investors in the company's latest funding round is the managing partner at Speciale Invest, Vishesh Rajaram.
Apart from the two companies, India currently has more than a dozen space startups that specialize in the development and manufacturing of different space components and support systems. These companies develop and build space-related products that include flight software, rockets, and satellites. Seven other space technology companies have reportedly been successfully funded this year.
The latest round of fundraisings is relatively new in India and is a groundbreaking moment for the private space sector in the country. India is now considered a formidable space power and the government's monopoly over the industry seems to have come to an end.
According to market analysts, the latest funding rounds is the first time venture capital firms have invested sizeable amounts in Indian space technologies.
India's space startups are part of a growing number of tech firms which have gained substantial interest from global investors.
Around two dozen Indian startups have already surpassed the $1 billion valuation mark and more are expected to pass that mark in the coming years. It is now only a matter of time before one of India's space technology firms reaches that milestone. When this happens, India could very well have a formidable competitor to western companies such as Elon Musk's SpaceX and US-firm Rocket Lab.