India's Space Tech Sector Secures Record Funding

India's space technology sector achieved record funding of $126 million in 2023, marking a 7% increase from 2022 and a remarkable 235% rise from 2021, according to Tracxn's Space Tech Geo Report 2024. The government's recent Union Budget allocated INR 1,000 crore to support space startups, further enhancing growth prospects. Most funding in 2023 was concentrated in early-stage investments, which accounted for $120 million of the total raised, with prominent startups like Skyroot Aerospace, Pixxel, and Agnikul leading in funding. Despite a global funding slowdown, India boasts over 100 space tech startups, primarily established in the last five years, and has 55 active space assets. Bengaluru has emerged as the leading hub for this sector, contributing over 55% of total funding, while the establishment of the Indian National Space Promotion and Authorization Centre (IN-SPACe) is expected to foster further innovation and growth. Overall, the sector's trajectory indicates significant potential for becoming a key player in the global space technology landscape.