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U.S.-based startup Axiom Space is exploring using Indian launch vehicles to support its international space station mission, a senior executive said on Tuesday.

Axiom Space is one of the few companies constructing a private space station, intended to eventually replace the International Space Station (ISS), which the U.S. National Aeronautics and Space Administration (NASA) expects to retire around 2030.

Pearly Pandya, director of Axiom's international government business, said that while contracts had not been signed yet, the startup was in talks with India's space agency, ISRO, and India's private launch companies to explore the best fit for its missions and to diversify its supply chain.

"It could be to transport raw materials as we develop our space station," Pandya said, speaking at an industry event.

The company is also in talks with European nations for its supply chain, she added.

The move comes after India and the United States entered into a Space Flight Agreement in August to work alongside Axiom's upcoming mission to the ISS.

Earlier this year, India opened its space sector to private players and created a 10 billion rupee ($119 million) venture fund to support space startups.

In September, the ISRO completed the final developmental flight for its Small Satellite Launch Vehicle, and planned to hand its design to private companies.

At present, two Indian companies, Skyroot and Agnikul, are building the country's first privately-built rockets that can carry a payload of up to 300 kg (661 lb) into low Earth orbit.

Indian space companies have already seen an influx of funding - $126 million in 2023, which was up 7% from the $118 million raised in 2022 and a 235% increase from the $37.6 million raised in 2021, according to Tracxn data.

But India only has a market share of about 2% in commercial space activities and demand is still largely dependent on global clients, while well-established companies in U.S., Russia and China are formidable rivals.