Boosting India's Space Economy: SIDBI Venture Capital at the Helm

SIDBI Venture Capital Limited has been chosen to manage a Rs 1,000 crore venture capital fund dedicated to the Indian space sector. This initiative, led by IN-SPACe and supported by the government, aims to propel the domestic space economy's value to USD 44 billion by 2033.

SIDBI Venture Capital Limited has been selected as the fund manager for a significant Rs 1,000 crore venture capital fund, initiated by the government to bolster the private space technology sector.

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) made this announcement, highlighting the deployment of the fund over five years with specific financial projections for each year.

The funding strategy aims to address the prevalent trend of Indian companies operating abroad and seeks to fill the risk capital gap for space tech start-ups. As part of India's vision, this initiative intends to elevate the space economy's value from USD 8.4 billion to a staggering USD 44 billion by 2033.

(With inputs from agencies.)