News on Medial

The Missing Piece in India's Space-Tech Puzzle

OutlookIndia · 6m

The Indian space-tech sector has seen significant growth in recent years, with funding for start-ups increasing from $37.6 million in 2021 to $126 million in 2023. However, most of this funding has gone to early-stage start-ups, leaving late-stage companies struggling to secure funds. Market access and a lack of government procurement are cited as key challenges for Indian space-tech start-ups. Despite building innovative products, the government often prefers foreign brands. To support the growth of the sector, industry stakeholders are calling for substantial infrastructure development and patient capital. The government's recent announcement of a Rs 1,000-crore venture capital fund is seen as a positive step.