Data speaks
The story is in the numbers. ISRO‘s budget has consistently been on the rise, touching approximately $2.3 billion in 2022-23, compared to $1.2 billion in 2017-18. This indicates a growing commitment to technological and scientific endeavours.The positive spillover is evident: According to NASSCOM, Indian tech startups attracted $8.7 billion in investments in 2022, down slightly from the previous year but still a significant amount. The successful launch of Chandrayaan-3 cements India’s position in the world space technology map which should open doors to more business and subsequently career opportunities in the sector.
Tangible skills and intellectual capital
ISRO’s Chandrayaan-3 mission employed cutting-edge technologies in propulsion systems, onboard sensors, and communication technology. The participation of over 150 companies and academic institutions, including IITs and IISc, in the mission’s various projects has brought a renewed focus on the quality of education and research in India’s premier institutes. This is not just a win for ISRO but also an affirmation of the country’s growing intellectual capital. Over the last three years, these academic institutions and companies have ramped up on collaborative opportunities with the growing startups of the country, which can lead to better development of products by startups due to better mentorship and partnerships.
Ecosystem synergy and public-private partnerships
ISRO’s collaborations with private sector companies like Larsen & Toubro, Godrej Aerospace, and HAL in the Chandrayaan-3 mission is an early indicator of their willingness to work with private players. In 2022, as many as 100 SpaceTech startups got registered with ISRO which was followed by Microsoft joining hands with ISRO in January 2023 to aid the budding SpaceTech ecosystem of the country.
ISRO’s incremental efforts to improve privatisation in the Indian Space sector via the proposal of the India Space Policy 2023, establishment of IN-SPACe (Indian National Space Promotion and Authorization Centre) and collaborating with the Department of Science (DOS) has instilled a sense of positivity in the startup ecosystem with Indian SpaceTech startups raising close to $62M till August 2023, a 60% increase compares to the same period last year.
Global investment attraction
Foreign direct investment (FDI) in India’s computer software and hardware sectors reached $92.7 billion between April 2000 and March 2023, as per the Department of Industrial Policy and Promotion (DIPP). Chandrayaan-3 adds a new layer of credibility to India’s already promising technology sector, making it a more attractive destination for venture capital firms and angel investors around the globe.
The way ahead
Chandrayaan-3 is a milestone, not just in India’s space journey but also in the advancement of its startup ecosystem. It stands as a compelling proof-of-concept for the capacity of the science and engineering brains of the country.
In a world where capital flows towards opportunity, the success of Chandrayaan-3 can further enable the growth of the Indian Space Ecosystem with potentially more investors, domestic and foreign alike, shedding their scepticism and joining the innovation drive.
The writer is CFO & Partner, Aeravti Ventures.
