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Seven Indian startups have been selected to participate in a pioneering India-US space and defence collaboration programme, potentially unlocking a significant and strategic market for Indian companies. The startups include KaleidEO, a space imaging firm, EtherealX, a rocket manufacturer, and Shyam VNL, an AI-driven company. They will join the programme focused on defence and dual-use technology, aiming to collaborate with the US Defense Innovation Unit, the US Department of Defense, and other government agencies to explore satellite observation and emerging space and defence technologies.
The programme, co-launched by Indusbridge Ventures, an Indian investor, and US-based FedTech in September 2024, aims to foster private-sector partnerships between the two nations in strategic sectors. Talks about specific projects are already underway.
"This programme offers valuable resources, mentorship, and essential connections with industry leaders in the US and we look forward to partnering with FedTech on this initiative to accelerate private-sector partnership between the two countries in strategic sectors - defence and dual-use technology," said Rahul Devjani, Managing Partner at Indusbridge Ventures.
The participating startups will have access to the world’s largest defence and space market, with potential opportunities to collaborate with prominent US defence industry leaders like Northrop Grumman, Lockheed Martin, and RTX (formerly known as Raytheon). These connections could provide Indian firms with a competitive advantage in securing US business, which is valued at approximately USD 1.5 billion annually, according to sources familiar with the matter.
Access to the US market could result in potential annual revenues of between USD 500 million and USD 1 billion for these Indian companies, a second source indicated.
In addition, Indian National Security Advisor Ajit Doval and his US counterpart Jake Sullivan recently met in New Delhi to discuss collaboration in space technology and the growing cooperation between the US Defense Innovation Unit and India’s Innovations for Defense Excellence, aiming to accelerate the adoption of cutting-edge commercial technologies for military solutions.