PM Modi Sets Unicorn, Rocket Launch Targets for Spacetech Start-Ups

Prime Minister Narendra Modi has challenged Indian spacetech start-ups to create five unicorns in the next five years and scale annual rocket launches from the current 5-6 to 50. His remarks came on the occasion of the second National Space Day on Saturday.

While stressing the need for self-reliance in spacetech sector, PM Modi said the private sector should step forward so that India reaches a stage where 50 rockets are launched every year. The Prime Minister was addressing the scientists, start-up founders, and students via video conferencing.

“The government has the intent and will power to implement next-generation reforms to achieve this vision,” said PM Modi, while calling for building an “astronaut pool” to support India’s ambition of becoming a strong space-faring nation. He further urged youngsters to join the effort.

After PM Modi’s bold challenge to spacetech start-ups, ISRO chairman V Narayanan stated that the agency is also on track for India’s first human spaceflight mission, Gaganyaan, and is preparing for Chandrayaan-4, a Venus Orbiter, and a national space station by 2035.

Corporates Bet on Spacetech

Recently, billionaire Mukesh Ambani-led Reliance Industries initiated advanced-level talks with spacetech start-up Digantara Research & Technologies to lead a $50 million funding round.

The major portion of the funds raised will be utilised towards the capital expenditure for building infrastructure. Apart from Reliance Industries, Digantara’s existing investors, including Peak XV Partners, are also likely to participate in the funding round.

Besides Reliance, IT major Infosys is also eyeing to enter the spacetech sector as it had put forward its contention to build and launch satellites, the report said in March.

Infosys is reportedly among the six bidders shortlisted by the Indian National Space Promotion and Authorisation Centre’s (IN‑SPACe) ₹1,500 crore satellite constellation project to build and launch a constellation of earth observation (EO) satellites.

The shortlisted teams included Infosys, space tech start‑up GalaxEye, SatSure, Pixxel, Dhruva Space and PierSight, Ananth Technologies, Solar Group and XDLINX, Astra, Bharat Electronics (BEL) and Sisir Radar, and Tata Advanced Systems and Centum.

These bets have come around at a time when India’s space tech applications are growing at 12% CAGR and is projected to reach ₹ 1.2 lakh crore by 2025. Government push via policies like the Indian Space Policy 2023 and the ‘Make in India’ initiative in space tech to boost domestic manufacturing, innovation, and self-reliance in the space sector. 

Reliance isn’t the only giant who is seeing potential in the 2018 founded space tech firm. In February 2024, the venture capital arm of billionaire K M Birla-led Aditya Birla Group forayed into the space technology sector by investing in Digantara.