Did the success of Chandrayaan-3 attract investments for the Indian space sector?
“The government had already laid the groundwork through policy reforms and the creation of IN-SPACe to actively encourage private sector participation. However, Chandrayaan-3 provided a decisive boost that captured global attention, significantly amplifying investor interest in the rapidly growing space sector,” Pawan Goenka, Chairman, IN-SPACe.
“The satellite launch vehicle market is in crisis and there are rockets available, but we are waiting for the demand to be there.”
S Somanath, Chairman, ISRO, at the 155th Synergia Forum, Bengaluru, on June 13
Would India have attracted investments even without Chandrayaan-3?
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“I think so. Because space is not just about conquering planetary boundaries. The fact that a private company can launch a rocket or a satellite into space is a great first step. Landing on the Moon or Mars will happen after a series of small victories. Space technology companies require patient capital. India can capture 10-20% of the global space economy,” said Anirudh A Damani, Managing Partner, Artha Venture Fund.
“The success of Chandrayaan-3 has given ISRO a seal of international acceptance. But the country has benefited through a spin-off effect that includes private space companies. Customers have accepted that this country can develop a product. This is an invaluable validation and outcome, even more than the investment. Having said that, just because ISRO is successful, all space startups in the country cannot get growth funding. They have to prove their technology and differentiation,” said Vishesh Rajaram, Managing Partner, Speciale Invest.
“This success has certainly boosted investor confidence in the Indian space sector and has also helped Pixxel. That said, even without Chandrayaan-3, India was already starting to attract attention due to its talent pool and innovation coupled with favourable policies,” said Awais Ahmed, Founder and CEO of Pixxel.
Challenges in the commercialization of technologies
- Presence of a highly specialized and competitive market
- Price restrictions
- Limited demand
- Lack of visibility of long-term demand
Source: Economic Survey 2023-24
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