Govt approves ₹1K cr VC fund for space start-ups

Fund will invest in 30-35 space start-ups in two tranches - first of Rs 5-10 cr followed by Rs 10-60 cr at later stage

NEW DELHI: In a bid to drive private investments in the space sector, the government on Thursday approved setting up of a Rs 1,000 crore venture capital for start-ups, a move welcomed by the industry as a game changer.

The fund will function under the aegis of Indian National Space Promotion and Authorization Centre (IN-SPACE) and will be operated along with Indian Space Research Organisation (ISRO), Information and Broadcasting Minister Ashwini Vaishnaw told reporters here.

The fund, approved by the Union Cabinet at a meeting chaired by Prime Minister Narendra Modi, will invest in 30-35 space start-ups in two tranches - the first of Rs 5-10 crore followed by Rs 10-60 crore at a later stage.