IN-SPACe launches Rs 1,000 crore fund for startups

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has appointed Sidbi Venture Capital Limited (SVCL) to manage a new fund of Rs 1,000 crore. This fund is designed to support space tech startups in India. Funding will be distributed over five years, starting with Rs 150 crore in the first year. Growth-stage startups can receive between Rs 10 crore and Rs 30 crore, while late-stage startups can get Rs 30 crore to Rs 60 crore. The goal is to support 40 startups across various areas in the space sector. The initiative aims to boost India's space economy and create jobs. The fund will initially provide Rs 150 crore in 2025-26, followed by Rs 250 crore each year for the next three years, and ending with Rs 100 crore in 2029-30. Industry experts believe that this funding will attract additional investments and encourage private investors to get involved. This initiative is expected to help startups grow, invest in research and development, and expand their teams. IN-SPACe has stated that the fund could create jobs and help expand India's space economy fivefold over the next decade, aiming for a $44 billion market by 2033.