India's Space Venture Boom: Rs 1,000 Crore Fund Launched

The Indian government has approved a Rs 1,000 crore venture capital fund for space sector start-ups. The fund will support 30-35 start-ups and drive innovation in satellite technology. It aims to promote private investment in the space sector and is expected to propel India's space economy to USD 44 billion by 2033.

The Indian government has launched a Rs 1,000 crore venture capital fund to boost start-ups in the burgeoning space sector. This initiative, seen as transformative by industry insiders, is designed to spur private investments and innovation.

The fund will be managed under the guidance of IN-SPACe, in collaboration with ISRO, and targets investment in 30-35 start-ups, according to Information and Broadcasting Minister Ashwini Vaishnaw. The initiative was approved by the Union Cabinet chaired by Prime Minister Narendra Modi, with strategic financial backing in two tranches.

Industry experts like Awais Ahmed, CEO of Pixxel, have hailed this as a pivotal step for India's space tech ecosystem, providing the needed push for new ventures to explore satellite communications and climate monitoring. The fund aims for a five-year deployment period and expects to leverage substantial private co-investment.

(With inputs from agencies.)