IN-SPACE announces seed fund of up to Rs 1 crore for startups

BENGALURU: India’s National Center for Space Propulsion and Authorization (IN-SPACE), set up by the Center to promote, enable, authorize and supervise private space activities, has decided to launch a new seed funding scheme that will see a higher grant. Up to Rs 1 crore for select startups involved in space activities.
Owns 80% of startups recognized by DPIIT (Department of Industrial Promotion and Domestic Trade). Indians and who have not received a benefit of more than Rs.50 lakh through any other scheme of the Central Government are eligible to apply.
According to the guidelines issued on Tuesday, the investment of promoters and angel investors in the applicant firms must at least match the grant amount. Firms must have technology at the core of their business, IN-SPAce said, and a committee of experts will decide how to allocate the grant.
“IN-SPACE is pleased to announce a seed fund scheme aimed at advancing space technologies in the quest to develop a private space ecosystem in the country. The scheme is designed to support space startups that aim to develop innovative space products and services that can improve the quality of life of people and communities in India and around the world,” the agency said.
In addition, eligible applicants include early-stage startups with innovative ideas and projects using space technology to address upstream/midstream and downstream challenges in the space sector.
“The seed fund provides financial support to selected applicants to help them realize their ideas and realize their projects. This support includes access to funding, mentoring, training and networking opportunities. IN-SPAce will periodically announce specific opportunities for the sector,” the statement said.
“We are looking for projects that have a good understanding of the challenges in the sector and that show a clear vision of how space technologies can be used to solve these problems. Ideal candidates will have a solid business plan, a well-defined target market and a detailed implementation strategy,” he adds.

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