“Space startups are increasing rapidly”: Prime Minister Narendra Modi

July 28, 2025

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Why In The News?

India’s space startup ecosystem is experiencing an unprecedented surge in innovation and investment. Since the opening of the private space sector in 2020 through the NewSpace India Ltd. (NSIL) initiative, Indian startups have been stepping beyond Earth’s limits with remarkable speed.

In 2020, India decided to allow private companies to take part in space activities. This happened through an initiative called NewSpace India Ltd. Before this, only ISRO, India’s space agency, carried out space missions. But now, private companies can build rockets, launch satellites, and develop new space technologies. This change has given rise to many startups that are working hard to solve real problems using space science.

Today, the global space economy is worth around 360 billion US dollars. India currently holds about 2% of this, which is around 7 billion dollars. But this number is expected to grow fast. Experts say that the Indian space sector could grow at 48% every year and reach 50 billion dollars in just five years. Between 2014 and 2024, the Indian space industry has already added 60 billion dollars to the country’s GDP. It has also created 96,000 direct jobs and supported 4.7 million indirect jobs. India is now the eighth-largest space economy in the world.

ISRO and the Department of Space continue to play a big role in this journey. They have launched over 100 Indian satellites and more than 300 foreign satellites for 33 different countries. Their achievements have made India known as a reliable and cost-effective space power. And thanks to their efforts, many private companies have been able to grow and contribute to the sector.

Many startups have come up with new ideas, rockets, and satellite technologies. These startups are not only helping India become self-reliant in space but are also attracting global attention. Let’s look at five of the top space startups in India and what they are worth today, according to Tracxn.

1. AgniKul Cosmos

Valuation: ₹4,490 crore

AgniKul Cosmos is based at IIT Madras in Chennai. It designs small rockets and uses 3D printing to make engines. The company became the first in the world to build a rocket engine in one single 3D-printed piece. It also built India’s first private launchpad at Sriharikota. Agnikul aims to offer quick, low-cost launches for small satellites. Its current valuation is ₹4,490 crore, making it one of the top players in India’s space startup ecosystem.

2. Skyroot Aerospace

Valuation: ₹4,330 crore

Skyroot Aerospace is located in Hyderabad and was founded by former ISRO scientists. In 2022, it became the first private Indian company to launch a rocket, named Vikram-S. The company builds low-cost, flexible rockets for small satellite launches. It has received large investments from Temasek, GIC, and Sherpalo Ventures, and is now valued at ₹4,330 crore.

3. Pixxel

Valuation ₹1,180 crore to ₹1,750 crore

Pixxel is a startup that builds hyperspectral imaging satellites, which can capture detailed images of Earth. These satellites are useful for farming, pollution control, climate tracking, and more. Pixxel is based in Bengaluru and also has a presence in the US. It is backed by big names like Google and Accenture. According to Tracxn, its valuation is between ₹1,180 crore and ₹1,750 crore.

4. Bellatrix Aerospace

Valuation: ₹900 crore (approx)

Bellatrix Aerospace is based in Bengaluru and focuses on space propulsion systems. In simple terms, it builds engines that help satellites and spacecraft move in space. The company is working on electric and green propulsion technologies that are efficient and environmentally friendly. Its estimated valuation, according to Tracxn, is around ₹900 crore.

5. Dhruva Space

Valuation: ₹600 crore (approx)

Dhruva Space is another Bengaluru-based startup that works on end-to-end satellite solutions. This means it helps design, build, launch, and manage satellites for different uses. The company also partners with national and international space agencies and firms. According to Tracxn, Dhruva Space is valued at around ₹600 crore.

[Credits for header image: PIB
This content is for informational purposes only and does not constitute legal, financial, or investment advice. This has been constituted based on third-party sources. We do not assume any liability for actions taken based on this information.]