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There is good news for space sector startups in the country. The Union Cabinet on Thursday approved the establishment of a Rs 1,000 crore venture capital fund to help space sector startup units. This initiative will help in attracting investment from the private sector. Union Information and Broadcasting Minister Ashwini Vaishnav gave this information on Thursday. According to PTI news, this fund will work under the aegis of the Indian National Space Promotion and Authorization Center (IN-Space). It will be operated in collaboration with the Indian Space Research Organization (ISRO).
According to the news, under this fund approved in the Union Cabinet meeting chaired by Prime Minister Narendra Modi, investments will be made in 30-35 space startup units in two phases. In the first phase, Rs 5 to 10 crore and then Rs 10-60 crore will be invested. The venture capital fund for space sector startups was announced by Finance Minister Nirmala Sitharaman in the general budget. The government said that this will promote progress in space technology and strengthen India’s leadership through private sector participation. This capital investment will have a huge impact and will help in raising additional capital in the later stage.
This fund will be an important promoter.
Speaking on the issue, Lt Gen A K Bhatt (Retd), Director General, Indian Space Association (ISpA) said, “We believe this fund will not only be a key promoter for the growth of the Indian space startup ecosystem but will also inspire investors to look seriously at this sector as an investment and come forward to be a part of the Indian space startup story.”
Space will be helpful for the next wave of companies.
Pixxel founder and chief executive officer (CEO) Awais Ahmed said the Rs 1,000 crore venture capital fund is exactly what India’s space technology ecosystem needs right now. In a post on social media platform X, Ahmed said the fund could be the start of the next wave of space companies that will deal with everything from climate monitoring to satellite communications.
