These 5 startups are powering space-tech, satellites, & sustainable missions, helping build Indian aerospace market reach $54.4 Bn by 2033

The aerospace sector is a broad industry including all activities related to the design, production, and maintenance of aircraft and spacecraft. It is divided into two main fields: aeronautics, which deals with flight within Earth's atmosphere, and astronautics, which involves flight beyond the atmosphere.

According to Precedence research, the global aerospace sector market size is projected to reach approximately USD 846.30 billion by 2035, with a CAGR of 7.71% from 2026 to 2035. North America was expected to contribute to more than 46% of the revenue share in 2025, while the Asia-Pacific region is anticipated to expand the fastest CAGR between 2026 and 2035.

The Indian aerospace sector is projected to grow rapidly in the coming years. Here are some key insights:

According to Custom Market Insights, the Indian Aerospace market was valued at USD 27.1 billion in 2024 and is expected to reach USD 54.4 billion by 2033, with a CAGR of 6.99% during the forecast period 2024 – 2033. 

According to Zion Market Research, in India, the market size was around USD 26.78 billion in 2023 and is predicted to grow to around USD 48.41 billion by 2032, with a CAGR of roughly 6.8% between 2024 and 2032. 

According to Mordor Intelligence, the Indian Aviation, Defence, and Space Market size is estimated at USD 19.81 billion in 2025, and is expected to reach USD 26.32 billion by 2030, at a CAGR of 5.84% during the forecast period (2025-2030). 

In this article, we have listed 5 leading aerospace innovators from India:

1. Pixxel

Founding:

Founded in 2019 by Awais Ahmed and Kshitij Khandelwal while studying at BITS Pilani, this Bengaluru-based startup focuses on building a constellation of Earth-imaging satellites, providing valuable data for various applications. 

Key milestones: 

• It launched a first-of-its-kind 30,000+ sq ft. Spacecraft Assembly, Integration, and Testing (AIT) facility called 'MegaPixxel' in Bengaluru to design, manufacture, integrate and test their satellites under one roof.

• Pixxel’s first hyperspectral demo satellite, Shakuntala, was launched with SpaceX in April 2022.

• Its third demo hyperspectral satellite, Anand, was launched with ISRO in November 2022.

• In March 2023, Pixxel supported the US National Reconnaissance Office with hyperspectral data.

• In June 2023, the company signed an MoU with the Mahalanobis National Crop Forecast Centre (MNCFC) and the Ministry of Agriculture and Farmers Welfare (MoA&FW)

• In July 2023, Pixxel received an iDEX PRIME (Space) Grant to build miniaturised multi-payload satellites for the Indian Air Force (IAF).

• In February 2024, it signed an MoU with the Indian Institute of Astrophysics to utilise testing facilities and collaborate on scientific research.

• It won the first prize at the INDUS-X Summit in 2024.

• In August 2024, it launched Earth Observation Studio for public use.

• In September 2024, it became a part of NASA’s $476M CSDA program to provide hyperspectral data.

• Pixxel’s three Fireflies launch in January 2025 - hyperspectral satellites enter orbit with SpaceX.

Funding:

• It raised $8M seed funding round from Lightspeed, India Partners, Blume Ventures, GrowX Ventures, Techstars, Omnivore VC and others in 2020.

• In 2022, it raised a Series A Funding of $27M from Radical Ventures, In-Q-Tel, Seraphim Space, Sparta LLC and others.

• It raised $36M from Google and existing investors in 2023 in a Series B funding round.

• In December 2024, it raised $24M Series B Extension Funding.

Revenue: Rs. 28.7 crore operating revenue as of FY2024

Website:https://www.pixxel.space/

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 2. Bellatrix Aerospace:

Founding: 

Founded in 2015 by Rohan M Ganapathy and Yashas Karanam, it is a new-age space mobility company based in Bengaluru that develops and manufactures advanced propulsion technologies for a wide range of missions, from deploying and phasing nano and micro satellite constellations to ferrying multi-ton communication satellites to the geo-stationary orbit. 

Key milestones:

• ARKA series - Hall-effect thrusters (HETs) developed by the company for micro-satellites weighing 50-500 kg. All the ground tests were completed by 2021. Completed tests in space on POEM (PSLV Orbital Experiment Platform).

• RUDRA series - It is India’s first high-performance green propulsion (HPGP) system that can replace hydrazine-based satellite propulsion systems. Saagar Malaichamy. Co-founder and senior scientist at Bellatrix Aerospace's Mono-propellant Systems Division, collaborated with Professor Charlie Oommen from the Indian Institute of Science's (IISc) Department of Aerospace Engineering to develop the green mono-propellant.

• Project 200 - With this, Bellatrix Aerospace aims to build an Ultra-Low Orbit satellite that will orbit at a height of less than 200 kilometres. By 2026, it hopes to launch its first satellite. 

• Pushpak - Bellatrix’s Orbit Transfer Vehicle, Pushpak, is a versatile multi-mission platform capable of accommodating CubeSats and Small Satellites weighing up to 750 kilograms. With a hybrid propulsion system that combines Electric and Green units, it achieves an astounding ΔV up to 7 km/s.

• Fingernail - Its advanced nano fabrication processes allow the entire thruster to be a one-piece assembly, entailing a significant reduction in time and cost while also retaining its flexible plug-and-play interface for easier integration. 

• Jal (microwave plasma thruster) - Water-powered JAL   series of Microwave Plasma Thrusters offer the highest thrust-to-power ratio for an electrical propulsion system and 4X higher specific impulse compared to chemical propulsion systems. These, coupled with low cost, high reliability and ease of handling, make it an ideal choice for GEO missions.

• In March 2025, the aerospace company signed an MoU with Japan’s Astroscale.

• In April 2025, Bellatrix Aerospace expanded into the US with a new subsidiary.

Funding:

• Bellatrix Aerospace has raised a total of $12.6 million over 5 funding rounds from 31 investors.

• Their latest funding round, as of March 6, 2025, was ₹10.8 crore.

• Additionally, they secured Rs 26 crore (approximately $3 million) in a pre-Series B funding round from existing investors.

Revenue: Rs. 2 crore operating revenue as of FY2024, while incurring Rs 12.35 crore loss during the same period.

Website: https://bellatrix.aero/

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3. Skyroot Aerospace

Founding:

Hyderabad-based Skyroot Aerospace was formed in 2018 by former ISRO scientists Pawan Kumar Chandana, Naga Bharath Daka, with the support of Vasudevan Gnanagandhi, as well as a small group of entrepreneurs, including CureFit founders Mukesh Bansal and Ankit Nagor. 

It is working on building launch vehicles that can successfully take satellites into space, with its flagship product, Vikram Series, designed for small satellite launches. 

Key milestones:

• In 2020, it conducted India's first static fire test of a privately built rocket engine, Raman-1.

• In 2021, it test-fired India’s first privately built cryogenic engine, Dhawan-1.

• With Mission Prarambh, it successfully launched India's first private rocket, Vikram-S, in 2022.

• In 2024, it static fired India’s then-largest private rocket stage, Kalam-250.

• Prime Minister Modi unveiled the Vikram-I rocket at Skyroot Aerospace's new campus in Hyderabad in December 2025.

• This all-carbon composite rocket is now "launch-ready" and set for liftoff between February and March 2026 from Sriharikota.

Funding:

• Skyroot Aerospace has raised a total of $99.8 million in funding, with the latest round being $27.5 million led by Temasek, making it the largest amount raised by any Indian spacetech startup to date.

• Latest Round: On October 30, 2023, Skyroot Aerospace secured $27.5 million in a pre-Series C funding round led by Temasek, a global investment firm based in Singapore. 

Revenue: Rs. 29 crore as of FY2024

Website: https://www.skyroot.in/

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4. Agnikul Cosmos

Founding:

Chennai-based Agnikul Cosmos was founded by Srinath Ravichandran, Moin SPM, Satyanarayanan Chakravarthy and Janardhana Raju within IIT Madras in 2017, to develop and launch its first rocket in 2021 and subsequently provide launch service for satellites weighing up to 100 kg (220 lb).

Key milestones:

• First Suborbital Test Vehicle Launch: Successfully launched on May 30, 2024, marking India's first semi-cryogenic engine launch and also the first launch from a private launch pad at SDSC-SHAR, ISRO.

• Agnilet Engine, test-fired in 2022, is notable to be the world's first single-piece 3D-printed semi-cryogenic rocket engine, which is a breakthrough in propulsion technology. 

• Private Launchpad: Inaugurated India's first private launchpad at the Satish Dhawan Space Centre in 2022, paving the way for private sector participation in space launches. 

• Agnibaan Launch Vehicle: Designed a two-stage launch vehicle in 2024, capable of placing payloads up to 100 kg into low Earth orbit, projecting its adaptability and customisation.

Funding: 

AgniKul has raised a total of $72.8M over 10 funding rounds: 3 Seed, 5 Early-Stage, 1 Late-Stage and 1 Debt rounds. AgniKul's largest funding round was a Series B round for $26.7M in Jan 2023, led by Celesta Capital.

Revenue: Rs. 9.3 crore as of FY2024

Website: https://agnikul.in/

5. Manastu Space Technologies

Founding:

Mumbai-based Manastu Space Technologies was founded in 2017 by Tushar Jadhav and Ashtesh Kumar for developing sustainable propulsion systems for satellites and addressing challenges in space sustainability and debris management. It started from the student satellite Lab at IIT Bombay, where the founders were making a satellite, Pratham (the First), which is operated by IIT Bombay.

Key milestones:

• Pratham is an Indian ionospheric research satellite with a primary mission to count electrons in the Earth's ionosphere. After years of hard work and a number of failures, the satellite was finally launched on 26 September 2016 on ISRO’s PSLV C35 rocket.

• Manastu has built a novel green propellant, MS-289, which is a proprietary blend of hydrogen peroxide and additives to replace hydrazine, a highly toxic and carcinogenic fuel traditionally used to power spacecraft.

• On December 31, 2024, it conducted an in-space test of the first green propulsion system for spacecraft. 

• On December 11, 2024, it delivered the iBooster Green Propulsion System to the Defence Research and Development Organisation (DRDO).

Funding:

Manastu Space Technologies has raised $6.71 million over 10 funding rounds, with the largest being a Series A round for $3 million in August 2025. Led by Capital-A, the funding involved participation from existing investors such as Capital 2B, Indian Angel Network (IAN), E2MC, the Bhagnani Family Office, and Jeet Chandan. The company aims to commercialise its green propulsion and debris-avoidance solutions, expand internationally, and develop in-orbit servicing capabilities. 

Revenue: Rs. 2.26 crore as of FY2024

Website: https://www.manastuspace.com/

Closing thoughts

India’s aerospace sector is rapidly evolving into a global innovation hub, driven by a new generation of startups building advanced, sustainable, and mission-critical technologies.

Pixxel is redefining Earth observation through hyperspectral satellite constellations and global data partnerships. Bellatrix Aerospace is advancing space mobility with green propulsion, orbit transfer vehicles, and next-generation thrusters. Skyroot Aerospace is pioneering private launch vehicles, marking historic milestones in India’s commercial launch capabilities. Agnikul Cosmos is pushing boundaries with 3D-printed semi-cryogenic engines and private launch infrastructure. Manastu Space Technologies is tackling sustainability with green propulsion systems and debris-management solutions.

Together, these companies reflect India’s growing ambition to take a leading role in the global aerospace ecosystem. Their progress brings a shift from dependence on traditional space agencies to a vibrant private sector capable of innovation, scale, and international impact.

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