Astrophel Aerospace, a Pune-based deep-tech space startup, has raised Rs 60.84 million in a pre-seed funding round led by a consortium of individuals and angel venture firms. The funds will be deployed to develop a reusable semi-cryogenic launch vehicle, scale its in-house R&D to develop missile-grade guidance systems and components. The company anticipates having a working, reusable prototype ready for testing within the next 24 to 36 months. The funding has been raised on the cusp of the landmark Gaganyaan, Axiom-4, and Space Activities Bill, poised to open the floodgates for private innovation in space technologies. Astrophel Aerospace is one of only a handful of indigenous private startups to have successfully test-fired a semi-cryogenic engine. The milestone was achieved by spending a mere Rs 0.6 million and zero external funding before the current round. Astrophel Aerospace is leveraging a modular, systems-first approach inspired by auto manufacturing best practices to build its Potentia C1U engine. It has also signed an MoU with ISRO for collaborative R&D and testing campaigns. India’s space economy is expected to grow from $8.4 billion in 2022 to $44 billion by 2033, with over 8,500 small satellites forecast to be launched globally within this decade, as per IN-SPACe.Suyash Bafna, Co-founder, Astrophel Aerospace, said, We believe that India’s private space sector is ready to tackle high-complexity, deep-tech challenges in aerospace. We're building reusable systems and precision components that reduce costs and will usher in a new age of space access for India.”Astrophel Aerospace is also collaborating with a listed Indian manufacturer to co-produce cryogenic valves, with dual-use potential in both commercial and defence applications. India’s space startup ecosystem is gaining exponential momentum, backed by favourable policy reforms.Reusable rockets, turbopump-fed engines and missile-grade guidance systems are among some of the toughest challenges in aerospace today, said Immanuel Louis, Co-founder, Astrophel Aerospace. The funding will enable us to deep-dive into development while staying lean and execution-focused, he added.With its first suborbital launch on the horizon, Astrophel Aerospace is positioning itself as India’s next propulsion and launch infrastructure company, built from the ground up to serve India’s ambitious space aspirations.