India's private satellite makers Digantara, Pixxel and GalaxEye are targeting $100 million each in annual revenue by 2029 as they chase global surveillance contracts, according to Moody's. The startups gained a foothold through government contracts and are riding India's space privatisation wave.

New Delhi is shifting from a state monopoly to a NASA-style model, with ISRO focused on research while private industry handles manufacturing and commercialisation, the report said.

Digantara CEO Anirudh Sharma expects the company's military-grade space map project to generate $30 million in annual operating revenue by the end of FY27 and $100 million by end-2029. The startup is backed by Reliance Industries, SBI Ventures and Peak XV, and Sharma said global client interest makes this an export revenue opportunity for India.

Separately, Pixxel raised a $100 million Series C in early September 2026, India's biggest space-tech round. It leads a consortium with Dhruva Space, PierSight and SatSure on a 12-satellite national Earth-observation project worth over Rs 1,200 crore, targeted to be operational by 2029. Pixxel's government customers include the US National Reconnaissance Office, the Indian Air Force and NASA. The push shows India's private space sector moving from launches to intelligence-grade satellite services.