Cabinet’s Nod For Rs 1k-Cr VC Fund To Propel Space Startups

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the setting up of a Rs 1,000 crore venture capital (VC) fund dedicated to the growing space sector.

The deployment period of the proposed VC fund, under the aegis of IN-SPACe, is planned to be up to five years from the actual date of the start of the fund operations. The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain. The average deployment amount could be Rs 150-250 crore per year, depending on the investment opportunities and fund requirements, said the Cabinet.