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Chennai: Pranit Mehta, co-founder of space sector <keyword id="19913824" type="General" weightage="20" keywordseo="startup" source="keywords">startup</keyword> <keyword id="21592703" type="General" weightage="100" keywordseo="GalaxEye" source="keywords" meta.keywordsubtype="org" meta.entityname="GalaxEye" meta.hostid="268" meta.entityid="GalaxEye">GalaxEye</keyword>, who along with other four of his team members spoke to Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> during the Mann Ki Baat radio programme on Sunday, said they intend to launch their own constellation of satellites next year. Interacting with the prime minister, the five <keyword id="19953789" type="General" weightage="20" keywordseo="IIT-Madras" source="keywords" meta.keywordsubtype="org" meta.entityname="IIT Madras" meta.hostid="268" meta.entityid="IIT Madras">IIT Madras</keyword> alumni -- Suyash, Daniel, Rakshit, Kishan and Praneet, said this was the opportunity to tap into the space sector, given the country growing at a fastest rate which which came various new opportunities. Among various space sector policies and reforms, the government opened up space sector to private companies in 2020 in a landmark decision. GalaxEye is a startup spun out of IIT Madras by its alumni members, founded in 2021. As part of the startup, they have built a sensor that can actually penetrate through clouds, solving several India-specific problems. GalaxEye is able to provide imagery even during cloudy weather and night time, which the co-founder claimed as their "strongest technology". Pranit, talking to ANI later, said the prime minister and the government's interest in the space sector, has pushed them to foray into this domain. "We know that this is a growing sector and a priority for the government. I think as a startup, as a team, we are all extremely, even more bummed up," Pranit told ANI. Asked about GalaxEye's short-term and long-term goal, Pranit said, "Now, what we intend to do is put up our own constellation of satellites. So, ISRO has been putting satellites for the last several decades now and with the privatization, we want to take that journey one step ahead." "We are putting the largest private satellite for India and this is something that will be launched next year," Pranit added. The startup cofounder commended the government's support in the space sector. "For instance, the privatization, allowing companies to own and operate satellites in a much more independent way. Second, bodies like InSpace being formed that help facilitate the interactions between ISRO and startups. Because as a startup, we don't have all know-how and facilities that a body like ISRO has. So we have a lot of such reforms that we can engage with ISRO and get their advice and guidance in what we are doing," he asserted. In 2023, in a stellar display of prowess, India soared to new heights with the successful soft landing of Chandrayaan-3 on the South Pole of the Moon and the successful launch of Aditya-L1, India's first solar mission. These milestones not only secured India's standing in the global space economy but also fueled the engines for the private space sector in India. Among other feats, India now aims to set up 'Bharatiya Antariksha Station' by 2035, and send the first Indian to the Moon by 2040. Indian space startups have become a strong pillar for the private space industry in the last decade, especially after the landmark move to open the Indian space sector to private companies in 2020. India is now preparing for its ambitious Gaganyaan mission, envisaging demonstration of human space capabilities by launching a crew of astronauts into an orbit and then bringing back these human astronauts safely to earth by landing them in India's sea waters. A woman robot astronaut "Vyommitra" will fly into space ahead of ISRO's ambitious Gaganyaan mission, which will be India's first human manned space flight carrying Indian astronauts into space. The pre-cursor Vyommitra mission was scheduled this year while a manned mission Gaganyaan scheduled for launch in 2025, the government had said earlier.

Space startup GalaxEye, started by IIT Madras alumni, eyes private satellite launch in 2025

<ul><li>The company’s flagship product offering features multi-sensor imagery via modern satellites. </li><li>The startup will use the fresh funding to bolster the hiring of top talent and help launch the world's first multi-sensor satellite for earth observation. </li><li>The India <keyword id="718929" type="General" weightage="20" keywordseo="space-exploration" source="Orion">space exploration</keyword> industry is expected to hit $13 billion by 2025.</li></ul><keyword id="11360719" type="General" weightage="100" keywordseo="galaxeye" source="Orion">GalaxEye</keyword> Space, an Indian spacetech start-up focused on earth observation, announced on Thursday that it has successfully raised a $3.5 million round of seed funding led by <keyword id="15793055" type="General" weightage="50" keywordseo="special-invest" source="Orion">Special Invest</keyword>, a deep-tech venture capital firm. The new round also had participation from Artha India Ventures, <keyword id="14083005" type="General" weightage="50" keywordseo="veda-vc" source="Orion">Veda VC</keyword>, Anicut Capital, Upsparks and a consortium of entrepreneurs including Nithin Kamath (Founder/CEO of Zerodha), Prashant Pitti (Founder/CEO of EaseMyTrip), Abhishek Goyal (Founder/CEO of Tracxn) and Ganpathy Subramaniam (Partner at Celesta Capital). The company’s flagship product offering features multi-sensor imagery via modern satellites and data fusion technology, developed in-house. GalaxEye’s technology will enable the production of images with extremely high resolution via a small satellite constellation that, once fully operational, will provide global coverage in under 12 hours. “We are truly the first Indian space start-up incorporated in India to build an imaging satellite and we are committed to accelerating technological innovation in India for the world,” Suyash Singh, co-founder &amp; CEO, GalaxEye Space said. India’s private space exploration has taken a huge lift-off, especially in the past two months. In October this year, the Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword>) launched 36 communications satellites of London-based communications company, OneWeb. Hyderabad-based spacetech startup, <keyword id="7537495" type="General" weightage="20" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword>, also created India’s first privately built rocket Vikram-S, which was launched by ISRO in November this year. In fact, the country’s space exploration space is expected to reach a valuation of $13 billion by <a href="https://economictimes.indiatimes.com/opinion/et-commentary/indias-space-exploration-sector-will-potentially-hit-13-billion-by-2025-making-it-ripe-for-startups/articleshow/96180161.cms">2025</a>. GalaxEye will soon launch its first satellite as well, denoted as "Drishti Mission". The company also stated that it will use the fresh funding for hiring top-tier talent and accelerating the launch of the world's first multi-sensor satellite for earth observation. “Next year is crucial for us, as we aspire to reach space with our satellite and become the leader in multi-sensor imaging for the industry. We will be seeking an additional round of funding of the order of $15-25 million in 2023 to add more satellites to our constellation,” added Singh. Founded in 2020, GalaxEye is the brainchild of entrepreneurs emerging from <keyword id="7762552" type="General" weightage="50" keywordseo="avishkar-hyperloop" source="Orion">Avishkar Hyperloop</keyword>, a team of scientists brought together via global competition organized by Elon Musk’s aerospace manufacturer and space transportation services company, SpaceX. GalaxEye also announced availability of the company’s flagship product offering, featuring multi-sensor imagery via modern satellites. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/how-many-startups-turned-unicorns-in-2022-in-india-check-out-the-list/articleshow/96248261.cms">New Indian unicorns get rarer in 2022 as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a>

Indian spacetech startup GalaxEye raises $3.5 million in seed round

<ul><li>An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022. </li><li>The potential of gig workers can grow further if online retail grows across the country. </li><li>The report predicts that the penetration of online retail was just 5% in 2019 and is expected to grow to 11% by 2024.</li></ul>As more e-commerce platforms enter the 10-minute delivery space, demand for gig workers has not only ballooned – but their monthly earnings have increased too. A report by StrideOne, a tech-enabled NBFC, titled ‘The Startup Economy Report 2022’ says that 25% of gig workers surveyed reported an over 50% rise in their monthly income as compared to their previous mode of livelihood – in the last one year. An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022, the report said. Majority of the gig workers are engaged in retail trade and sales which includes fast commerce like food and beverage, grocery, medicines delivery etc. Around 56% of the gig workers surveyed previously had full-time employment. “Startups are limiting their hiring of permanent employees. Gig workers have begun to replace these permanent employees,” the report said. The number of companies who shifted to a semi-gig workforce model has increased by 15% since October 2021. The potential of gig workers can grow if online retail expands across the country. The report predicts that the penetration of online retail was 5% in 2019, and is expected to grow to 11% by 2024. Non-farm sectors of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the potential to add over 90 million gig jobs in the longer term, the report predicts. As of now, the <keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> constitutes 1.5% of the total workforce in India and is expected to expand to 23.5 million by 2024 constituting 4% of the workforce. <cmsannotation type="cmsannotation" annotationid="Startup ecosystem of India" comment="subhead" text="Startup ecosystem of India"><keyword id="15794501" type="General" weightage="20" keywordseo="startup-ecosystem-of-India" source="Orion">Startup ecosystem of India</keyword></cmsannotation> The number of jobs created by the startup ecosystem of India, which is said to be the third largest in the world, grew by 78% CAGR between 2017 and 2022. It is further projected to grow at a CAGR of 24% from 2022-27. The ecosystem altogether created over 2 lakh jobs this year, according to the report. However, several startups like Byju’s, Udaan laid off several employees from its workforce as a part of their retrenchment due to funding winter. “The rapid growth phase and maturity of the ecosystem have unlocked tremendous appetite for scalability, alternate funding options, expansion into the global market and the capacity to enable millions of jobs. This meteoric rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4-5% to the gross domestic product (GDP) of India,” said Ishpreet Singh Gandhi, founder, StrideOne. Sectors like textile, apparel and logistics however retain the title of being the biggest job creators in the country. The textile industry is said to be the second largest employer in India, which has given direct employment to 5 crore people, and 10 crore people in allied industries. Whereas, logistics sector currently employs 22 million people and is estimated to contribute 11% to the overall GDP of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-railways-backed-spacetech-startup-galaxeye-raises-3-5-million-in-seed-round/articleshow/96250010.cms">Indian Railways backed spacetech startup GalaxEye raises $3.5 million in seed round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a>

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Space startup GalaxEye, started by IIT Madras alumni, eyes private satellite launch in 2025

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Indian spacetech startup GalaxEye raises $3.5 million in seed round

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A quarter of Indian gig workers’ salaries grew by 50% in the last one year

Vaamanaa Sethi

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