The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has announced a seed funding scheme to support startups engaged in space activity. Under this scheme, select startups will receive a grant of up to Rs 1 crore, subject to meeting specific eligibility criteria. The scheme is aimed at promoting space technology and developing a private space ecosystem in India.
To qualify for the scheme, startups must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) and must have at least 80% Indian ownership. They must not have availed more than Rs 50 lakh from any other Central government scheme. Promoters and angel investors at applicant firms must invest an amount that matches the grant amount. The applicant firms must have technology at the core of their business, and the disbursement of the grant will be decided by an experts’ committee.
This seed funding scheme is designed to support space startups that are developing innovative space products and services that can improve the quality of life of people in India and around the world. Early-stage startups with innovative ideas and projects that use space technology to address up-stream/mid-stream and down-stream challenges in the space sector are eligible for the scheme.
Selected applicants will receive financial support, mentorship, training, and networking opportunities from IN-SPACe. The agency will periodically announce sector-specific opportunities.
The IN-SPACe seed funding scheme is a step towards promoting and supporting private activity in the space sector in India. It provides an opportunity for startups to showcase their innovative ideas and leverage space technology to address the challenges in the space sector. This seed fund scheme will help create a pool of startups that can contribute to the development of the private space ecosystem in India and help India become a space superpower.
In conclusion, the IN-SPACe seed fund scheme is a positive step towards promoting and supporting space technology and developing a private space ecosystem in India. It is an opportunity for startups to showcase their innovative ideas and contribute to the growth of the space sector in India. The scheme will provide financial support, mentorship, training, and networking opportunities to selected applicants, and help create a pool of startups that can contribute to the development of the private space ecosystem in India.
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