The Indian government has given the green light to a venture capital fund worth Rs 1,000 crore that aims to support space startups.
This fund will be operated by the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and will invest capital over a period of five years, with an expected annual investment of Rs 150-250 crore.
The fund will focus on startups that can demonstrate proof of concept and potential for commercialization, providing individual funding ranging from Rs 10-60 crore depending on the company's stage of development.
This initiative highlights the government's dedication to promoting innovation and growth in the rapidly expanding space sector in India.