The Indian National Space Promotion and Authorization Centre (IN-SPACe) aims to release the first tranche from its ₹1,000 crore venture capital fund during the first quarter of the upcoming financial year, according to Chairperson Pawan Goenka. Speaking at the GeoSmart India 2024 event, Goenka revealed that IN-SPACe has recently issued a Request for Proposal (RFP) to appoint fund managers for the initiative.
“We are following the SEBI-mandated process to establish the venture capital fund. Currently, the selection of a fund manager is underway, with an RFP already issued. If everything proceeds as planned, the initial disbursement is expected in the first quarter of the next financial year,” Goenka explained.
The Union Cabinet approved this ₹1,000 crore fund in October to support approximately 40 startups in the space sector. The initiative is designed to foster innovation, bolster private sector participation, and accelerate growth in the Indian space industry. On the proposed Space Law, Goenka mentioned that the draft is currently under review, with a public consultation process anticipated within the next few months.
During the fourth India-USA Space and Geospatial Business Summit, Goenka highlighted the synergy between space and geospatial data, emphasizing their mutual importance. He also outlined India’s ambitious plans for future Chandrayaan missions (4, 5, and 6), with a target to grow the nation’s space economy to $44 billion by 2035. “The partnership between India and the US will play a pivotal role in achieving this vision,” he stated, citing collaborations in joint missions, satellite launches, and technological advancements as key drivers.
The GeoSmart India 2024 summit, organized by the Geospatial World Chamber of Commerce in partnership with Geospatial World, brought together leaders from government, academia, industry, and research sectors. The event focused on leveraging space and geospatial technology to drive innovation, economic growth, and sustainability.
