Mumbai (Maharashtra) [India], November 18 : SIDBI Venture Capital Ltd (SVCL), a wholly owned subsidiary of SIDBI, has announced the first close of the Antariksh Venture Capital Fund (AVCF) at Rs 1,005 crore.
According to a release by SIDBI, IN-SPACe has committed Rs 1,000 crore as the anchor investor. AVCF is a Category II AIF with a 10-year tenure.
The fund will support Indian spacetech startups at the early and growth stages. It will invest in companies working on launch vehicles, satellites, payloads, in-space and ground services, earth observation, communications and other space-related applications.
This is SVCL's 12th venture capital fund. It supports India's goal of creating a USD 44 billion space economy by 2033.
The full target size of the fund is Rs 1,600 crore. After signing the Contribution Agreement with IN-SPACe, SVCL has declared the first close. SVCL will now raise more funds from domestic and international investors, including institutional and sovereign investors, through the green-shoe option.
SVCL's efforts are aligned with India's national priorities and SIDBI's mission of supporting MSMEs. This fund will help India move closer to its Space Vision 2047. It will encourage technology development and increase private sector participation in the space sector.
Arup Kumar, Managing Director and CEO of SVCL, said, "SVCL began its journey in 1999 with the National Venture Fund for Software & IT Industry. Over the years, our funds have supported many category-defining companies, including unicorns like BillDesk and Data Patterns. The Antariksh Venture Capital Fund, India's largest spacetech-focused fund and among the largest globally, will play a major role in strengthening India's space capability and competitiveness."
The Union Cabinet, led by Prime Minister Narendra Modi, has approved the establishment of a Rs 1,000 crore Venture Capital (VC) Fund dedicated to supporting India's space sector.
This pioneering initiative, developed under the aegis of IN-SPACe (Indian National Space Promotion and Authorization Center), aims to propel the growth of space startups, strengthen India's space economy, and position the country as a global leader in space technology.
The establishment of this fund aligns with the government's broader vision of promoting innovation, ensuring economic growth, and fostering self-reliance in high-tech industries, thus supporting the goals of Atmanirbhar Bharat.