Space
Launch has been proven and priced beyond a seed cheque. The investable layer is one down: propulsion, sub-systems, ground segment and the data coming back.
What we believe
India's private launch companies have done what ISRO did for decades at a fraction of the cost, and they are now valued accordingly. That is good for the sector but out of range for a first institutional cheque. The layer where our cheque size works is the supply chain: propulsion modules, attitude control, power systems, space-grade electronics, the ground stations that talk to satellites, and the analytics that turn images into decisions.
Demand changed in 2025. The government moved from building satellites to buying data from private constellations, starting with a $135 million earth-observation contract. Defence is the second buyer, through surveillance constellations and space-situational awareness. Both pay on schedules a startup can plan around.
Source: IN-SPACe Decadal Vision and Strategy: $44 billion Indian space economy by 2033, 8 percent of the global market.
Source: Department for Promotion of Industry and Internal Trade, FDI policy amendment for the space sector, February 2024.
What must happen next
Flight heritage. A component that has flown is worth several times one that has not, and the certification path to get there is the defensible position. Ground infrastructure has to catch up with the number of satellites being launched. And the export question has to be answered: which Indian sub-systems can be sold to global primes without export-control friction.
What we look for
- Propulsion and sub-systems with letters of intent from at least two launch or satellite customers.
- Ground-segment-as-a-service with a path to positive unit economics at a few dozen customers.
- Earth-observation analytics with India-specific ground truth that global platforms cannot replicate.
- Companies that can reach first revenue on less than $20 million of capital.
What we pass on
Full launch vehicles and broadband constellations, where the seed window has closed. Data businesses without a proprietary sensor or dataset.