From companies building palm-sized satellites to those aiming to propel satellit...
MUMBAI - From companies building palm-sized satellites to those aiming to propel satellites into space using cleaner fuels, a new wave of space technology startups are mushrooming in India, catching the attention of investors keen to join the space race.
Meanwhile, Mumbai-based Kawa Space, which designs and operates earth observation satellites, has closed a seed round of an undisclosed amount, one of its investors, Vishesh Rajaram, managing partner at Speciale Invest, told Reuters. Besides Bellatrix and Kawa, seven space technology companies in India are funded, according to startup data tracker Tracxn and interviews with investors.
Satellite launches planned in the coming years worldwide give investors confidence in such companies, said Bellatrix investor Jatin Desai, whose Parampara Capital collaborated with lender IDFC to form IDFC Parampara.Over 17,000 small satellites could be launched between 2018 and 2030, consulting firm Frost & Sullivan estimates.
The state-run Indian Space Research Organization , currently preparing for its second lunar mission, has a monopoly on launching rockets in India.
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