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Union Information and Broadcasting Minister Ashwini Vaishnav has informed that the Union Cabinet approved the setting up of a venture capital fund of Rs 1,000 crore to help startup units in the space sector. He said that this fund will work under the aegis of the Indian National Space Promotion and Authorization Center (IN-SPACE).
New Delhi. To attract investment from the private sector, the Union Cabinet approved setting up of a Rs 1,000 crore venture capital fund to help space sector startup units. Union Information and Broadcasting Minister Ashwini Vaishnav gave this information. He said that this fund will work under the aegis of the Indian National Space Promotion and Authorization Center (IN-SPACE) and will be operated in collaboration with the Indian Space Research Organization (ISRO). The industry has welcomed this decision.
Under this fund, approved in the Union Cabinet meeting chaired by Prime Minister Narendra Modi, investment will be made in 30-35 space startup units in two phases. An investment of Rs 5-10 crore will be made in the first phase and Rs 10-60 crore thereafter. The venture capital fund for space sector startups was announced by Finance Minister Nirmala Sitharaman in the general budget. The government said this will promote progress in space technology and strengthen India's leadership through private sector participation. This capital investment will have a cascading effect and will help in raising additional capital in the later phase.
Lieutenant General AK Bhatt (Retd), Director General, Indian Space Association (ISPA), said, “We believe that this fund will not only be an important enabler for the growth of the Indian space startup ecosystem but will also provide investors an opportunity to invest in the sector. “It will also inspire people to look at it seriously as an investment and come forward to be a part of the Indian space startup saga.” Awais Ahmed, Founder and Chief Executive Officer (CEO), Pixel, said the Rs 1,000 crore venture capital fund is exactly what India's space technology ecosystem needs right now. “This fund could be the start for the next wave of space companies that will tackle everything from climate monitoring to satellite communications,” Ahmed said in a post on social media platform X.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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