Empowering the Next Generation of Space Explorers With India's government, private investors, and pioneering startups aligned, the next decade could well see India becoming a formidable player in the trillion-dollar space economy.

Despite the challenges of long development cycles and limited growth capital, the rise of India's private space sector signals a shift in global space dominance. With India's government, private investors, and pioneering startups aligned, the next decade could well see India becoming a formidable player in the trillion-dollar space economy.

Manish Gupta, general partner at GrowX Ventures, who has been investing in deep tech for over a decade, reflected on how his venture into space tech was almost accidental. "We invested in Bellatrix and Pixel, but that was never our plan. We never thought of ourselves as space tech investors," he admitted. Gupta's investment philosophy, he explained, has always been founder-first rather than domain-driven. "We look for great founders building great technology."

Rohan M Ganapathy, co-founder and CEO of Bellatrix Aerospace described the stark contrast between the early days of his company and the current investment climate. "When we started in 2012, the investment ecosystem for space didn't exist in the country," he said. The absence of government policy created significant uncertainty. "If you launch a satellite from India and it collides with another country's satellite, who is responsible? There were no answers." Ganapathy credited the government's growing interest in space tech as a turning point. He pointed to the establishment of the Indian National Space Promotion and Authorization Center (IN-SPACe) and the Prime Minister's direct involvement as evidence that India was starting to see space as a strategic industry. "It's a $450 billion industry today, expected to cross $1 trillion by 2030. Why should India have less than 0.5% of the global market when we have ISRO?" he asked.

The progress is undeniable. India now has around 300 space startups, up from just four in 2018. However, both Gupta and Ganapathy stressed that while early-stage capital is more accessible today, securing growth-stage funding remains a challenge. Ganapathy explained, "In India, access to growth capital for deep tech is still not mature. Founders end up spending more time raising money than innovating." The lack of conviction among domestic investors to take large bets in deep tech continues to slow the industry's momentum. "It's not that India doesn't have the money. Investors just hesitate to commit to long-term returns," Ganapathy noted.

Pranit Mehta, co-founder and VP of business development at GalaxEye offered a different perspective. His company, founded in 2021, builds imaging satellites that can capture data through clouds, smoke, and difficult weather conditions. Mehta highlighted the challenge of moving beyond the traditional defense market, which still dominates over 60 per cent of the satellite imagery sector. "To become an investable business, you can't rely only on defense. You need to build dual-use technology and expand into commercial applications," he said. GalaxEye has been working with agriculture companies, disaster response agencies, and urban planners to expand the market for satellite data. "The goal is to make satellite imagery a mainstream business tool. If you're building imaging tech, your customers are not in space—they're in agriculture, insurance, and infrastructure."

The conversation also touched on the innovative downstream applications of space technology. Ganapathy pointed out that many everyday technologies have their origins in space research. "Software was coined for the first time for the Apollo lunar landing. The materials used in prosthetics were initially designed for space," he noted. Bellatrix itself is working on a propulsion system with potential applications beyond space. "The membranes we use to filter astronaut urine in space are now being adapted for dialysis. We're also working on reducing the cost of mining on the moon—a step toward making lunar resources commercially viable."

Gupta acknowledged that while venture capitalists can help with capital and connections, their influence on the core technology is limited. "If there's a rocket ship, investors can't make more than a 5 per cent difference to its journey," he said. However, he emphasized that VCs can support startups with hiring, customer acquisition, and future funding rounds. "For Pixel's Series A round, the connection was made by one of our partners at GrowX."

As the session drew to a close, each panelist shared a piece of advice for future entrepreneurs in the space sector. Ganapathy underscored the importance of quality engineering and perseverance. "If your product fails in space, you can't send a service person to repair it," he said. He encouraged founders to embrace AI and automation to reduce the iteration cycle and speed up development. "Understand the user ecosystem—don't build products with a research mindset."

Gupta urged founders to stay focused on the customer, not just the technology. "A lot of deep tech founders are in love with the tech, but that alone doesn't make a business. Engage with customers early, get their feedback, and adjust your product accordingly," he said. Mehta echoed that sentiment, cautioning against incremental improvements. "Don't just build an 'X+1' version of what already exists. There's enough room for disruptive innovation."

The panellists were speaking at the Entrepreneur India Tech & Innovation Summit, moderated by Punita Sabharwal, managing editor of Entrepreneur India