India to get its 1st space unicorn startup very soon: Pawan Goenka
The Indian space sector is on the cusp of a major breakthrough, with IN-SPACe Chairman Pawan Goenka predicting that the country’s first space unicorn startup will emerge soon. For those who may not be familiar with the term, a unicorn startup is a privately-held company with a valuation of over $1 billion.
According to Goenka, India already has several space startups that are valuated at impressive levels. “We already have one startup valued at half a billion and we have three-four startups at a valuation of a quarter of a billion dollars,” he said in an interview. When asked about the possibility of India getting its first space unicorn startup, Goenka was optimistic, stating, “I am looking forward to the first space unicorn to happen, hopefully very soon.”
For those who may be wondering how this is possible, it’s worth noting that the Indian government has been actively promoting the growth of the private space sector through initiatives such as the creation of IN-SPACe, the nodal body for space-related activities in the private sector. IN-SPACe was established in 2019 to facilitate the growth of the private space sector in India by providing support and resources to startups and companies.
Under the leadership of Goenka, a renowned industrialist and former Managing Director of Mahindra & Mahindra, IN-SPACe has been working closely with the Indian Space Research Organisation (ISRO) to create a conducive environment for private space companies to thrive. The organization has also been actively engaging with international space agencies and companies to facilitate collaborations and knowledge sharing.
The growth of the private space sector in India is not just limited to the creation of new startups, but also includes the emergence of established companies venturing into space-related activities. For instance, companies like Agnikul Cosmos and Skyroot Aerospace are already making waves with their innovative space technologies and ambitious plans.
Agnikul Cosmos, a Chennai-based startup, has developed a privately-developed launch vehicle called the Agnibaan, which is capable of carrying payloads of up to 500 kg to Low Earth Orbit (LEO). The company is planning to launch its maiden flight in the near future, which will make it the first privately-developed launch vehicle to be launched from India.
Skyroot Aerospace, on the other hand, is developing a range of space-related products and services, including launch vehicles, satellites, and space-based services. The company has already received funding from prominent investors and is working closely with IN-SPACe to develop its products and services.
The emergence of space unicorn startups in India is not just limited to the creation of new companies, but also includes the growth and scaling of existing ones. For instance, companies like TeamIndus and Bellatrix Aerospace are already making progress in their respective areas of expertise.
TeamIndus, a Bangalore-based startup, is developing a range of space-related products and services, including launch vehicles, satellites, and space-based services. The company has already received funding from prominent investors and is working closely with IN-SPACe to develop its products and services.
Bellatrix Aerospace, on the other hand, is developing a range of space-related products and services, including launch vehicles and space-based services. The company has already received funding from prominent investors and is working closely with IN-SPACe to develop its products and services.
The emergence of space unicorn startups in India is a significant development, not just for the country’s space sector, but also for the global space industry as a whole. It highlights the tremendous potential of the Indian space sector and the country’s ability to create innovative and scalable businesses.
As Goenka noted, the emergence of space unicorn startups in India is not just a matter of time, but a certainty. “We already have one startup valued at half a billion and we have three-four startups at a valuation of a quarter of a billion dollars,” he said. “I am looking forward to the first space unicorn to happen, hopefully very soon.”
With the growth of the private space sector in India, the country is well on its way to becoming a major player in the global space industry. The emergence of space unicorn startups will not only create new opportunities for entrepreneurs and investors, but also help to drive innovation and growth in the space sector.
In conclusion, the prediction made by Pawan Goenka about India getting its first space unicorn startup very soon is a significant development for the country’s space sector. With the growth of the private space sector and the emergence of innovative startups, India is well on its way to becoming a major player in the global space industry. As Goenka noted, the emergence of space unicorn startups in India is not just a matter of time, but a certainty.
