India Launches Rs 1,000 Crore Venture Capital for Space Start-ups

The Indian government approved a Rs 1,000 crore venture capital fund to boost private investments in the space sector. Managed by IN-SPACe and ISRO, the fund will target 30-35 space start-ups. It aims to drive innovation and encourage investors, significantly impacting India's spacetech ecosystem.

In a significant move to bolster the space sector, the Indian government has greenlit a Rs 1,000 crore venture capital fund aimed at invigorating start-ups in the industry. The venture, hailed as a game changer, will function under the Indian National Space Promotion and Authorization Centre (IN-SPACe) and collaborate with the Indian Space Research Organisation (ISRO).

Prime Minister Narendra Modi, who chaired the cabinet meeting approving the initiative, exclaimed that this would energize the youthful demographic by providing ample opportunities for innovation. The fund, outlined in the Union Budget and announced by Finance Minister Nirmala Sitharaman, will invest in 30-35 start-ups through two investment tranches.

Explaining the fund's potential, Information and Broadcasting Minister Ashwini Vaishnaw stated that it would focus on start-ups with tangible concepts and commercial potential. The fund also aims to close the gap in risk capital for high-tech start-ups, with the deployment period lasting up to five years.

(With inputs from agencies.)