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the Indian space tech sector received $126 million in financing in 2023, a 7 percent increase from the $118 million raised in 2022 and a staggering 235% increase from $37.6 million in 2021.
the space tech sector has been on the rise, despite a global funding downturn, as a result of substantial government support and significant innovations.
The majority of the over 100 spacetech ventures were established within the past five years. The industry is anticipated to experience a substantial increase in growth and investment in the upcoming months as a result of the ₹ 1,000 crore earmarked for it in the union budget.
There are currently 55 active space assets in the country, which include meteorological, communication, and earth observation satellites.
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Singh observed that the establishment of India as a premier center for space exploration and technology will be contingent upon the combination of supportive government policies and robust early-stage funding.
In 2023, early-stage transactions attracted $120 million of the $126 million raised, a significant increase from $114 million in 2022, which represents a 5% increase.
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