As India celebrates its first National Space Day, live said it’s a matter of pride that India has “many amazing homegrown space startups, like AgniKul Cosmos and GalaxEye, both from the Rain matter portfolio.”
He said, “…spacetech startups, more than other startups, need patient capital,” considering the cutting-edge research and technology needed. “So here’s hoping we’ll have more homegrown spacetech startups that will make us proud.💪🇮🇳,” the Zerodha CEO said.
Today is the first National Space Day 🇮🇳
It’s a matter of pride that we have many amazing homegrown space startups, like @AgnikulCosmos and @GalaxEye, both from the @Rainmatterin portfolio.
Agnikul recently tested the world’s first 3D-printed rocket engine and is aiming to… pic.twitter.com/xKv8h4BseL
— Nithin Kamath (@Nithin0dha) August 23, 2024
What is ‘patient capital’?
Patient capital is a long-term investment approach as against traditional private equity and venture capital. It ensures sustainable growth alongside financial returns. It’s a type of investment where investors are willing to tie up their capital for an extended period, often several years or even decades, expecting a return on investment.
The BGF explains that patient capital strategies vary between funds and business sectors, but typically see investments maintained for many years before exiting. During this time, patient capital funds may offer additional support to investee businesses in the form of follow-on funding, to help accelerate their growth and increase return on investment (ROI).
National Space Day
Nithin Kamath’s statement came on the day India is celebrating its first National Space Day on Friday, August 23. Exactly a year ago, India had scripted history as ISRO’s Chandrayaan 3 mission successfully soft-landed on the lunar surface. With this feat, India became the first country to soft land on the Moon’s south pole. To mark this landmark event, India will now celebrate National Space Day every year on August 23.
According to the government, “the rapid growth of the space sector is contributing significantly to the economy, showcasing the financial potential of space exploration”.
The government informed that more than 300 startups have emerged since the space sector opened in 2020. “With IN-SPACe creating an ecosystem of industry, academia, and startups, India is building a thriving environment set to revolutionize space exploration,” it added.
“India’s commitment to space exploration is stronger than ever with a 132% increase in the space sector budget. This boost will empower ISRO to continue pioneering new missions and support our space heroes in their quest for innovation,” the Centre said.