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<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s leading private space-tech company, Skyroot Aerospace has raised an additional $27.5 million, equivalent to ₹225 crore, in a pre-Series C funding round led by Temasek, a global investment company headquartered in Singapore. The present capital infusion builds upon the company's previous raise in 2022, bringing its total funding to USD 95 million, which is the largest ever for an Indian Space-tech startup. Skyroot plans to utilize the newly acquired capital to drive its next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities, all while maintaining a lean and agile core team, the Hyderabad-headquartered company said in a statement. Founded in 2018 by space scientists-turned-space entrepreneurs, <keyword id="6364836" type="General" weightage="80" keywordseo="pawan-kumar" source="Orion">Pawan Kumar</keyword> Chandana and <keyword id="7537906" type="General" weightage="80" keywordseo="naga-bharath-daka" source="Orion">Naga Bharath Daka</keyword>, Skyroot is the country's leading private space launch vehicle company. In November 2022, it successfully launched India's and South Asia's first, and till date the only, privately developed rocket, marking Indian private space sector's entry into the space launch market. As the leading player in small and medium space launch vehicle designing and building in India's private sector, the company offers on-demand, cost-effective, reliable and regular space launch services to the fast-expanding global small and medium-sized satellite market, with satellite operators who look to deploy single or constellations of satellites across orbits as its customers. Skyroot was the first startup to sign a memorandum of understanding (MoU) with the <keyword id="116095" type="General" weightage="50" keywordseo="indian-space-research-organisation" source="Orion">Indian Space Research Organisation</keyword> (ISRO). The collaboration grants Skyroot access to ISRO's cutting-edge facilities and unparalleled expertise. Skyroot is poised to transform space launch capabilities of the country with its Vikram series of rockets, specially designed to deploy small and medium-sized satellites into space efficiently and reliably. "As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years. India's successful moon landing mission has reignited global interest in India's space prowess. As a key player in India's private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite 'go-to' choice in space launch services for small satellites," said Pawan Kumar. Bharath Daka said this fund-raise would help the company to invest in the enhancement of production infrastructure, R&amp;D and team strength. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-suv-in-november-2023/slidelist/104817915.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-suv-in-november-2023/slidelist/104817915.cms" target="_blank">From the new Renault Duster to Tata Punch EV, upcoming cars launching in India this November</a> <a href="https://www.businessinsider.in/tech/news/delhi-woman-loses-50-lakh-in-sim-swap-scam-heres-how-you-can-stay-safe/articleshow/104745898.cms">Delhi woman loses ₹50 lakh in SIM Swap scam – Here’s how you can stay safe</a> <a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms">X starts rolling out audio and video calls – here’s everything you need to know</a>

Space-tech company Skyroot raises ₹225 cr in pre-Series C funding

The Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="80" keywordseo="isro" source="Orion">ISRO</keyword>) and <keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> on Thursday announced a collaboration to fuel the growth of space technology startups in the country. Through this tie-up, the space tech startups identified by ISRO will be on-boarded onto the 'Microsoft for Startups Founders Hub' platform, which supports startups at every stage of their journey from idea to unicorn. "ISRO's collaboration with Microsoft will greatly benefit space tech startups in their analysis and processing of vast amounts of satellite data for various applications, using cutting-edge methods like AI, Machine Learning and <keyword id="2144645" type="General" weightage="50" keywordseo="deep-learning" source="Orion">Deep Learning</keyword>," said <keyword id="2618685" type="General" weightage="50" keywordseo="s-somanath" source="Orion">S Somanath</keyword>, Chairman of ISRO. Through 'Microsoft for Startups Founders Hub', space-tech startup founders in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> will have free access to the tech tools, and resources they need to build and run their businesses. This includes technical support to build and scale on Azure, best-in-class developer and productivity tools including GitHub Enterprise, Visual Studio Enterprise and Microsoft 365 and access to smart analytics with Power BI and Dynamics 365. "Through our technology tools, platforms and mentorship opportunities, we are deeply committed to empowering space tech startups in the country to drive cutting-edge innovation and accelerate scientific discovery," said Anant Maheshwari, President of Microsoft India. Microsoft will also provide mentoring support to space tech entrepreneurs in areas ranging from space engineering to cloud technologies, product and design, fundraising and sales and marketing. In addition, founders will have access to Microsoft Learn for tailored startup-centric training content and programmes to help them build connections with the industry and potential customers, said the tech giant. Microsoft and ISRO will also jointly organise knowledge-sharing and thought leadership sessions for the startups with space industry experts. The government has opened up the space sector for private players. The country has more than 100 active startups in the space tech sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-other-it-companies-earnings-preview-for-q3-fy23/articleshow/96731891.cms">December quarter likely to be a weak one for the IT sector – Infosys amongst top analyst picks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hyderabadi-satya-nadella-insulted-by-his-own-software-as-it-calls-biryani-a-tiffin/articleshow/96756350.cms">Hyderabadi Satya Nadella 'insulted' by his own software as it calls Biryani a tiffin</a>

Microsoft join hands with ISRO to empower spacetech startups in India

With a vision to make <keyword id="68884" type="PERSON" weightage="20" keywordseo="Telangana">Telangana</keyword> a commercial hub for all space-related products and services, the state government has decided to formulate a space-tech policy framework. The policy aims to push domestic production of launch vehicles, satellite systems and sub-systems and ground equipment manufacturing. State's Principal Secretary, Industry and Commerce, <keyword id="130896" type="PERSON" weightage="20" keywordseo="Jayesh-Ranjan">Jayesh Ranjan</keyword>, said on Sunday that Telangana is creating a holistic framework to develop end-to-end spacetech ecosystem in the state and attempt to capture the emerging global opportunities in space-related investments and innovations. This can potentially create a trickle-down impact on other areas of innovation such as universal connectivity and big data analytics for agriculture, remote education, disaster management, he said. Equal emphasis would be given to downstream applications of remote sensing that have the potential to solve real-life problems in agriculture, disaster management, insurance, urban flood modeling and forestry. The Centre's Department of Space recently released the draft Spacecom policy 2020 and draft SpaceRS policy 2020. Officials said states can significantly contribute to achieving the national objectives like "Atmanirbhar Bharat". Telangana is already home to several renowned start-ups such as Skyroot, Dhruva and other major companies in the spacetech sector. The city has collocated facilities of the <keyword id="152819" type="COMPANY" weightage="20" keywordseo="Defence-Research-and-Development-Organisation">Defence Research and Development Organisation</keyword>, the <keyword id="467450" type="COMPANY" weightage="20" keywordseo="National-Remote-Sensing-Centre">National Remote Sensing Centre</keyword>, the Advanced Data Processing Research Institute, the Defence Research &amp; Development Laboratory, the Research Centre Imarat, the Bharat Dynamics Ltd, the Mishra Dhatu Nigam Ltd, the Ordnance Factory Board, the Defence Metallurgical Research Laboratory, and the Advanced Research Centre for Powder Metallurgy and New Materials. To formulate Telangana's spacetech policy framework, the state government held a virtual consultation. It invited stakeholders like hardware start-ups, analytics start-ups and academia to share their insights during a virtual stakeholder consultation. Uma Maheshwaran, Scientific Secretary, ISRO HQs, and Dr Ravi Kumar, Director, NRSC) also attended the event. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-says-its-ingenuity-mars-helicopter-sent-a-positive-status-update-as-it-prepares-for-the-flight-the-agency-is-thinking-about-future-crewed-flights-to-the-red-planet-/articleshow/81140085.cms">NASA says its Ingenuity Mars helicopter sent a positive status update. As it prepares for the flight, the agency is thinking about future crewed flights to the Red Planet.</a> <a href="https://www.businessinsider.in/science/space/news/a-japanese-supercomputer-is-on-a-mission-to-find-out-how-our-universe-went-from-nothing-to-everything-in-less-than-a-microsecond/articleshow/81048254.cms">A Japanese supercomputer is on a mission to find out how our universe went from nothing to everything in less than a microsecond</a>

Telangana government to formulate a space-tech policy framework

<div class="KonaFilter image-container display-table"><div><div class="image on-image">SpirePeter Platzer, one of Spire's cofounders.</div></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image">Samantha Lee/Business Insider</div></div></div><ul class="summary-list"><li>Spire Global is a San Francisco-based nanosatellite company that has raised $140.5 million in VC funding since its launch in 2012. </li><li>Co-founder Peter Platzer spent months reading academic papers on the subject of nanosatellites and identified a gap in the market for a new type of device which is no bigger than a wine bottle.</li><li>The company, then called NanoSatisfi, subsequently raised around $4 million in seed funding using these early slides to begin researching and building their product. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>Ever wondered how expensive satellites are? If you have, you'd probably conclude: Very. And you'd be right. That is until the cost of space launches began to decrease around a decade ago. Lower launch costs and cheaper, more efficient, and bulk-built tech has meant that the cost of sending satellites into orbit has decreased dramatically. But, beyond that lies a world of smaller specialized satellites, called nanosatellites, which have specific functionality and are often no larger than an average bottle of wine. The viability of growth in the field was picked up upon by Spire, formerly NanoSatisfi, whose founders Jeroen Cappaert, Peter Platzer, and Joel Spark decided to try and take the lead on this emerging area. The space industry is growing rapidly. The market for space-related enterprises is worth about $350 billion and could be worth as much as $1 trillion by 2040, <a href="https://www.morganstanley.com/ideas/investing-in-space">according to Morgan Stanley</a>.Since 2012, Spire has raised $140.5 million, but the first $4 million in seed funding came from a series of pitch deck slides which indicated the company had found a corner of the market that they could see huge potential in. Initial funding came in the form of $1.5 million in seed funding from Shasta Ventures, Lemnos Labs, E-merge, Grishin Robotics, and Beamonte Investments and another $2.5 million from various angel investors. "I spent months reading every academic paper on nanosatellites," Spire's CEO Platzer told Business Insider in an interview. "The data showed the potential for exponential growth, and we used this information to show investors these satellites were relevant now, not in 100 years."Check out Spire's initial pitch deck below:

We got an exclusive look at the pitch deck space-tech firm Spire Global used to raise $4 million in seed funding for the future of satellites

<ul><li>The <keyword id="291131" type="General" weightage="20" keywordseo="aws" source="Orion">AWS</keyword> Public Sector Symposium talked about cloud computing in public sectors</li><li>It featured important announcements including collaboration with <keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword></li><li>AWS has also partnered with CCMB</li></ul> Amazon Web Services Public Sector Symposium 2023 that took place in September saw a series of announcements by the Cloud computing behemoth. One of the largest service providers in the world, AWS has been actively collaborating in the public sector space in India. The event last month reiterated the established partnerships along with a string of new announcements. But before that let’s understand what is cloud computing? Cloud Computing for laymen Imagine enjoying the benefits of having a high end personal computer that can handle Terabytes of data in seconds. Now make it intangible, and completely based on a server network. That essentially is cloud computing. It is the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer. Amazon Web Services does just that, but on a massive scale, hence the collaborations we are seeing in the public sector. AWS &amp; ISRO AWS has announced a collaboration with ISRO and Indian National Space Promotion and Authorization Center (IN-SPACe) to accelerate India’s space-tech growth. The collaboration will see space start-ups get access to new age cloud computing services. The organizations will work together to train students in AI, ML, analytics and security. AWS &amp; Center for Cellular and Molecular Biology CCMB is also using AWS cloud computing services to manage its work. The core focus of this collaboration is to accelerate the growth of genome sequencing research projects. According to reports the progress is significant with the reduction of research analysis by 98%. AWS &amp; AI In a collaboration with ConveGenius AWS has also developed a chatbot dubbed the SwiftChat. It is a conversational artificial intelligence (AI) chatbot platform for government schools and low-free private schools built on AWS. We will be coming out with a video with it very soon.

Amazon Web Services Public Sector Symposium 2023 - Cloud Computing For the Future

<ul><li>This collaboration will give space startups, research institutes and students access to cloud technologies to develop solutions in the space sector.</li><li><keyword id="291131" type="General" weightage="80" keywordseo="aws" source="Orion">AWS</keyword> will provide startups tools, resources, and expert technical support at no cost.</li><li>The organizations will train students and educators in cloud computing, AI, ML, analytics, and security. </li></ul><keyword id="141088" type="General" weightage="50" keywordseo="amazon-web-services" source="Orion">Amazon Web Services</keyword> (AWS) signed a strategic memorandum of understanding (MOU) with the Indian Space Research Organization (ISRO) and Indian National Space Promotion and Authorization Centre (IN-SPACe) to support space-tech innovations through cloud computing. This collaboration will give space startups, research institutes and students access to cloud technologies to develop solutions in the space sector. AWS will provide startups tools, resources, and expert technical support at no cost. “Advancing innovation in the space sector is a top priority for our nation as geospatial solutions have the power to deliver high quality services for the good governance for citizens and add value to the stakeholders,” <keyword id="13966614" type="General" weightage="50" keywordseo="sudheer-kumar-n" source="Orion">Sudheer Kumar N</keyword>, director of capacity building and public outreach at ISRO. Cloud computing aids speedy management of large volumes of raw space data, besides running AI, ML and analytics workloads to achieve outcomes in a cost-effective manner. “We are at a pivotal time in India’s space journey as the Indian government focuses on broadening and strengthening the country’s capabilities in the aerospace and satellite industry,” said Shalini Kapoor, director and chief technologist, public sector, AWS India and South Asia. The three organizations will collaborate on a new initiative to train students and educators in cloud computing, AI, ML, analytics, and security, by leveraging AWS education programs. This will enable students to pursue industry-recognized cloud computing certifications. “After the Chandrayaan-3 moon landing and Aditya L-1 mission, it is time we leverage the limitless potential of space technology and cloud computing to propel India's space sector to new heights. IN-SPACe has continuously been striving to empower and facilitate the private space sector,” said Dr Vinod Kumar, director of promotion directorate at IN-SPACe.

From space to cloud – ISRO signs MoU with Amazon Web Services

Production Linked Incentive (PLI) Scheme, government <keyword id="135966" type="General" weightage="20" keywordseo="financial-support" source="Orion">financial support</keyword>, <keyword id="16061814" type="General" weightage="20" keywordseo="exemption-from-Goods-and-Services-Tax" source="Orion">exemption from Goods and Services Tax</keyword> (GST) are some of the Budget 2023 wishlist of the Indian Space Association (ISpA). According to ISpA's Director General, Lt. Gen. AK Bhatt (Retd.), the suggestions/wishlist were received from the space industry on tax policies and incentives to promote investment, research and development, and employment in the space sector. The space sector lobby body said PLI for the sector will promote research and development in India and provide incentives to entities engaged in the space sector. The ISpA also wants the government to provide financial support through loans, grants and tax incentives for companies and organisations in the space sector. "Since the new space policy is in its final stages of development, the provision of tax exemption for startups should be continued till the time the incumbent Policy is released/implemented," Bhatt said. Considering that most space-tech companies in India are startups and access to capital is an issue, it would be beneficial to create parity in terms of the short-term capital gains tax rate and treatment with respect to listed and unlisted entities and also provide exemption from Angel tax, the industry body said. The industry also wants the setting up of Space Technology Parks and creating a group of experts for the space ecosystem usage. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hdfc-bank-q3-net-at-12259-cr/articleshow/96988087.cms" style="">HDFC Bank Q3 net at ₹12,259 cr</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms" style="">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a>

PLI, tax exemptions and financial support from government: Budget wishlist of space sector

Bengaluru, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has reached only halfway on its digital journey and the big question lurking at us is how to create a digital-first economy and society, leveraging the power of modern technology, Infosys Chairman and Co-founder <keyword id="44604" type="General" weightage="80" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword> said here on Thursday. Speaking at Microsoft's 'Future Ready Technology Summit', <keyword id="36748" type="General" weightage="100" keywordseo="nilekani" source="Orion">Nilekani</keyword> told the company's Chairman and CEO Satya Nadella that the ultimate goal is to improve the lives of more than 1 billion people with digital tools. "We need to ensure a more equitable, more inclusive, open access digital transformation," said Nilekani. He hailed digital initiatives like Aadhaar (which he himself executed successfully) UPI-based digital payments and account aggregator systems that is "democratising the digital transformation". Payments through the UPI interface touched a record high of Rs 12.82 lakh crore in December, registering 782 crore transactions. On Open Network for Digital Commerce (<keyword id="5862596" type="General" weightage="80" keywordseo="ondc" source="Orion">ONDC</keyword>), Nilekani said that the government initiative will transform the e-commerce landscape in the country in years to come. The government's ONDC has established its baby footprint in 85 cities with 800 merchants and 26 participants and is set for a fruitful 2023 with the support of industry players, according to T. <keyword id="1749653" type="General" weightage="80" keywordseo="koshy" source="Orion">Koshy</keyword>, Managing Director and CEO, ONDC. With 26 participants and more than 800 merchants, ONDC is rapidly expanding its footsteps and is on its way of transforming digital commerce in India, Koshy said last week. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hyderabadi-satya-nadella-insulted-by-his-own-software-as-it-calls-biryani-a-tiffin/articleshow/96756350.cms">Hyderabadi Satya Nadella 'insulted' by his own software as it calls Biryani a tiffin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/microsoft-join-hands-with-isro-to-empower-spacetech-startups-in-india/articleshow/96758712.cms">Microsoft join hands with ISRO to empower spacetech startups in India</a>

India only reached halfway on its digital journey: Nandan Nilekani

Manchester <keyword id="18448" type="General" weightage="80" keywordseo="city" source="Orion">City</keyword> has announced a new regional partnership with <keyword id="2003276" type="General" weightage="100" keywordseo="jio" source="Orion">Jio</keyword> Platforms Limited ("Jio"), that will see India's leading digital services brand become the Club's Official Mobile Communications Network Partner in India. The partnership was enabled and supported by <keyword id="10660050" type="General" weightage="50" keywordseo="rise-worldwide" source="Orion">RISE Worldwide</keyword>, a <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword> initiative, India's largest sports and entertainment company. Through this partnership, Man City and Jio will collaborate on a variety of engaging experiences that fans will be able to access through Jio's digital ecosystem comprising JioTV, <keyword id="3390853" type="General" weightage="50" keywordseo="myjio" source="Orion">MyJio</keyword>, Jio STB, JioEngage and other applications and platforms, in addition to exclusive giveaways and in-market activities. As part of the new agreement, Man City's OTT platform CITY+ will be integrated into the JioTV platform providing fans in India further access to exclusive club content including match highlights, live Manchester City Women's team and Elite Development Squad fixtures, matchday content and City Studios documentaries. JioTV, a unique proposition from Jio's digital ecosystem, is India's leading digital video platform, giving users access to over 900 channels in 16 languages across 12 genres, making it the second biggest OTT platform globally with over 350 million downloads. In addition to the Jio brand featuring across the club's in-stadia and digital assets, as part of the new deal Jio's associate brands, RISE and Viacom18 will also leverage several partnership rights across their football and sports offerings. Akash Ambani, Chairman of Reliance Jio Infocomm Limited (a wholly-owned subsidiary of Jio Platforms Limited), said: "We are excited to announce Jio's exclusive partnership with Manchester City in India through which we will present City fans with experiences through a multitude of digitally powered immersive initiatives. We believe both brands share similar values of bringing transformational impact to their communities and through this partnership, we endeavour to bring the best of football to the sports communities and Man City fans in India." Ferran Soriano, Chief Executive Officer, of City Football Group, said: "We're pleased to welcome Jio as an Official Partner of Manchester City today. The Club has a passionate and growing fanbase in India and we are continually exploring new ways to provide greater fan experiences for our followers in the region and around the globe, particularly within the digital and technology space. We look forward to working with Jio as we develop these opportunities throughout the partnership." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/japanese-startups-look-overseas-as-domestic-market-shrinks/articleshow/96756948.cms">Japanese startups look overseas as domestic market shrinks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/microsoft-join-hands-with-isro-to-empower-spacetech-startups-in-india/articleshow/96758712.cms">Microsoft join hands with ISRO to empower spacetech startups in India</a>

Jio Platforms partners with football club Manchester City

<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>

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

The day is not far when <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> will see its own mega private aerospace company like Elon Musk-owns SpaceX or <keyword id="12232315" type="General" weightage="20" keywordseo="jeff-bezos-run" source="Orion">Jeff Bezos-run</keyword> Blue Origin, taking travellers to the edge of space and beyond, <keyword id="12180756" type="General" weightage="20" keywordseo="srinath-ravichandran" source="Orion">Srinath Ravichandran</keyword>, co-founder and CEO of rocket startup AgniKul Cosmos, has envisioned. In a chat with IANS, Ravichandran who is ecstatic after Agnikul Cosmos was granted access to the Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword>) facilities and expertise for the development and testing of systems and subsystems of its rockets, said that the pact with ISRO will allow them to ultilise its facilities to test out various sub-systems of their launch vehicle. "This will, in turn, help us with reduced capital expenditure and expedited testing," he said. "India can have its own SpaceX or Blue Origin kind of mega private space firm in the near future. There is so much support from the government and investors are open to invest too in the homegrown spacetech startups," Ravichandran added. The next step, he added, will be to aim multiple launches per year and scale to the extent of having a launch once in two-three weeks. "Beyond that would be about making the vehicles more efficient, thereby providing even cheaper access to customers. We are doing this through a mix of innovations on various technologies in the vehicle," Ravichandran informed. Last month, Chennai-based Agnikul Cosmos received the nod by the Department of Space to carry out multiple tests and qualify its single piece 3D-printed semi-cryogenic engine and other systems of its rocket at various ISRO centres. This is the second pact that the Department of Space has signed with a rocket maker, after the first with Hyderabad-based <keyword id="7537495" type="General" weightage="20" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword> on September 11. According to Ravichandran, their rocket engines are 100 per cent 3D-printed, that too in a single shot. "This allows us to directly assemble what comes out of the 3D printer in our launch vehicle. The big advantage of this is the ability to provide and enable rapid launch access and, at the same time, make customisable launch vehicles," elaborated Ravichandran. He formed the startup with Moin SPM within IIT-Madras with a seed funding of Rs 3 crore, with an aim to develop and launch its first rocket in 2021 and subsequently develop ability to provide launch service for satellites. The current investors in the spacetech startup are Mayfield India, PI Ventures, Speciale Invest, Beenext, Artha and others. In June, India decided to allow private companies to establish and operate rocket launch sites within and outside the country, subject to prior authorisation from the government. Similarly, any rocket launch (orbital or sub-orbital) from Indian or overseas territory can be carried out only with authorisation from Indian National Space Promotion and Authorisation Center (IN-SPACe), an independent body constituted by the Government of India, under the Department of Space (DOS). The launch could be from own or leased launch site and also from mobile platforms (land, sea or air) as per the Draft National Space Transportation Policy-2020 brought out by the Department of Space. "Now that we also have to plan the entire engine building facility in-house, we are confident that we can control engine making end-to-end in India, thereby not only enabling 'make in India' but also 'design in India'," Ravichandran told IANS. He said that anyone who wants to do a space tech startup should do it today. "Right now is the best time to do a spacetech startup in India. The government has been very forthcoming in terms of the help provided to enable private missions and now would be a good time to get started to get things done," Ravichandran noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adar-poonawalla-backed-pharmacy-chain-wellness-forever-files-for-ipo/articleshow/86699746.cms">Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a>

You Searched For "spacetech" and got 11 results

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Microsoft join hands with ISRO to empower spacetech startups in India

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Telangana government to formulate a space-tech policy framework

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We got an exclusive look at the pitch deck space-tech firm Spire Global used to raise $4 million in seed funding for the future of satellites

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Amazon Web Services Public Sector Symposium 2023 - Cloud Computing For the Future

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India only reached halfway on its digital journey: Nandan Nilekani

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

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India set to witness its SpaceX moment soon, says Agnikul CEO

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