Cabinet approves ₹1,000 crore Venture Capital Fund for space sector under IN-SPACe
On 24 October 2024, in India, the Union Cabinet chaired by PM Narendra Modi approved a ₹1,000 crore Venture Capital Fund for the space sector under the aegis of IN-SPACe, expected to support about 40 startups.
Summary
On 24 October 2024, in India, the Union Cabinet chaired by Prime Minister Narendra Modi approved setting up a ₹1,000 crore Venture Capital Fund dedicated to the space sector under the aegis of IN-SPACe. The fund is to be deployed over up to five years from the start of operations, with an average of ₹150-250 crore a year. The indicative investment range is ₹10-60 crore per company depending on its stage, and the fund is expected to support about 40 startups. It aims to help meet the goal of a five-fold expansion of India's space economy in the next ten years and to keep space companies domiciled in India.
Key facts
- Date
- 24 Oct 2024
- Approved by
- Union Cabinet
- Size
- ₹1,000 crore
- Under
- IN-SPACe
- Deployment period
- Up to 5 years
- Yearly deployment
- ₹150-250 crore (average)
- Investment range
- ₹10-60 crore per company
- Startups supported
- About 40
- Goal
- Five-fold expansion of space economy in 10 years
Practice MCQs 4 questions
The ₹1,000 crore Venture Capital Fund for the space sector approved by the Union Cabinet on 24 October 2024 is under the aegis of:
Show answer
Correct answer: B — IN-SPACe
PIB, 24 Oct 2024: the Union Cabinet approved setting up of Rs.1000 crore Venture Capital Fund dedicated to space sector, under aegis of IN-SPACe.
Approximately how many startups is the ₹1,000 crore space Venture Capital Fund (approved 24 October 2024) expected to support?
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Correct answer: D — 40
PIB, 24 Oct 2024: based on the investment range, the fund is expected to support approximately 40 startups.
What is the planned deployment period of the ₹1,000 crore space VC fund approved on 24 October 2024?
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Correct answer: A — Up to five years from the start of fund operations
PIB, 24 Oct 2024: the deployment period is planned to be up to five years from the actual date of start of the fund operations.
What is the indicative range of investment per company under the space VC fund approved on 24 October 2024?
Show answer
Correct answer: C — ₹10-60 crore
PIB, 24 Oct 2024: the indicative range of investment is proposed to be Rs.10-Rs.60 crore, contingent upon the stage of the company.