Bengaluru: Founders of India’s leading space-tech startups are seeing significant differences in ownership as companies raise larger amounts of capital to fund growth, according to an analysis of data compiled by market intelligence firm Tracxn.

The 20 most-funded space-tech startups in India have collectively raised around $647 million in equity funding. Across these companies, founders hold an average of 30.9 per cent, although ownership varies sharply between businesses.

Only two founders hold majority stakes

SpaceFields has the highest founder ownership among the 20 companies, followed by Manastu Space. Sisir Radar has founder ownership of 49.8 per cent, while EtherealX founders hold 48.7 per cent.

Dhruva Space, which has raised $28 million, has founders retaining 44.8 per cent.

Overall, 13 of the 20 startups have founders owning more than 25 per cent. Four have founder ownership between 40 and 50 per cent, while seven have less than 25 per cent.

Only two companies have founders retaining outright majority ownership.

Funding brings significant dilution

Among some of the most heavily funded companies, institutional ownership is considerably higher.

Skyroot, which has raised $145 million, has founders holding 23 per cent, while investment funds own 43.4 per cent and companies or corporate investors hold another 20.2 per cent.

Agnikul’s founders own 27.4 per cent after the company raised $76 million, while investment funds hold 50.8 per cent.

Digantara has raised $66 million, with founders holding 27.3 per cent and funds owning 62 per cent. Bellatrix Aerospace shows a similar pattern, with founders holding 26.9 per cent and funds 50.1 per cent.

Ownership varies widely

Pixxel presents a different structure, with a parent entity holding 96.2 per cent of the company. Its founders’ direct holding is less than 0.0001 per cent, although this does not necessarily indicate that they have no economic interest.

SatSure founders hold 4.1 per cent, while a parent entity owns 34.1 per cent and investment funds hold 32.4 per cent.

Industry observers caution that ownership percentages alone cannot determine how much control founders retain, as voting rights and deal structures can vary.

Space sector enters a new phase

Tracxn co-founder Neha Singh said the ownership patterns reflect an Indian space-tech ecosystem moving from experimentation towards commercial scale.

Employee stock option pools also account for around 5 to 14 per cent in companies with such allocations, highlighting the importance of specialised talent in deep-tech businesses.

While institutional investment indicates growing confidence in the sector, access to larger rounds of capital could become increasingly important as space-tech companies move towards expensive commercial-scale operations.