Seven Indian privately-owned startups have been selected for a pioneering India-U.S. space and defense collaboration program, paving the way for Indian firms to tap into a lucrative and strategic market. According to an investor involved in the initiative, these companies, including space imaging firm KaleidEO, rocket manufacturers EtherealX, and AI-driven company Shyam VNL, will engage in a program focusing on defense and dual-use technology. They will explore potential partnerships with the U.S. Defense Innovation Unit, the Department of Defense, and other government agencies in satellite observation and cutting-edge space and defense technologies.
Indusbridge Ventures from India and U.S.-based FedTech, the program's initiators in September 2024, have handpicked these seven Indian companies, with discussions ongoing regarding specific projects.
Rahul Devjani, Managing Partner at Indusbridge Ventures, stated, "This program provides valuable resources, mentorship, and essential connections with industry leaders in the U.S. We are excited to collaborate with FedTech to expedite private-sector partnerships between the two countries in critical sectors—defense and dual-use technology."
Sources from these startups mentioned that participating in this program grants them access to the world's largest defense and space market and a potential collaboration with major U.S. defense industry players like Northrop Grumman, Lockheed Martin, and RTX. This access could grant them a competitive advantage, especially as they vie for U.S. business in their sectors, valued at approximately $1.5 billion annually.
While the U.S. government entities have not yet responded to emails seeking comment, Lockheed and Northrop declined to provide statements, and RTX, formerly Raytheon, was still to reply to an email seeking comment.
The second source noted that access to the U.S. defense and space market, the largest globally, could translate into annual revenues ranging from $500 million to $1 billion for the Indian firms.
Indian National Security Advisor Ajit Doval met with his U.S. counterpart Jake Sullivan in New Delhi earlier this month to discuss collaborations on space technology and the strengthening relationship between the U.S. Defense Innovation Unit and India's Innovations for Defense Excellence, focusing on adopting state-of-the-art commercial technologies for military applications, among other topics.