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.
Bengaluru-based Bellatrix Aerospace, which wants to propel satellites into orbit using electric and non-toxic chemical thrusters, has raised US$3 million from a group of investors, co-founder Yashas Karanam told Reuters, report agencies.Venture capital fund IDFC Parampara is leading Bellatrix's pre-Series A round. The family office of Suman Kant Munjal, who belongs to the billionaire family that controls Indian motorcycle maker Hero MotoCorp, and Deepika Padukone, one of Bollywood's biggest stars, are two of the other seven investors.
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.
Bellatrix and Kawa are two of over a dozen Indian startups developing satellites, rockets and related support systems which can power space missions serving a range of industries.
Their fundraising represents a big leap in private space investments in India, a leading space power but where the government has enjoyed a near-monopoly for decades.