In a landmark development for India's space sector, Sidbi Venture Capital Ltd (SVCL) has successfully achieved the first close of its ambitious Antariksh Venture Capital Fund, securing an impressive Rs 1,005 crore. This positions the fund as the country's largest dedicated investment vehicle for space technology startups.
Massive Anchor Investment from IN-SPACe
The fund received a substantial boost with IN-SPACe (Indian National Space Promotion and Authorisation Centre) committing Rs 1,000 crore as an anchor investment. Following this significant commitment and the execution of the contribution agreement with IN-SPACe, SVCL has opened the fund to additional investments through a green-shoe option.
The Antariksh Venture Capital Fund is registered as a Category II Alternative Investment Fund (AIF) with a planned tenure of 10 years. This strategic initiative represents SVCL's 12th venture fund and aligns perfectly with India's ambitious goal of developing a $44 billion space economy by 2033.
Investment Strategy and Sector Focus
The fund will strategically deploy capital across both early-stage and growth-stage Indian spacetech companies operating in diverse segments of the space value chain. The investment focus encompasses:
- Launch systems and satellite technology
- Advanced payload development
- In-space operations and ground systems
- Earth observation and communication technologies
- Downstream applications and services
SVCL plans to raise additional capital from both domestic and global institutions, including sovereign investors, to further strengthen the fund's capacity to support India's burgeoning space ecosystem.
Aligning with National Space Vision
The fund's mandate is strategically aligned with India's Space Vision 2047 and Sidbi's broader objectives of supporting Micro, Small and Medium Enterprises (MSMEs). Arup Kumar, Managing Director and CEO of SVCL, highlighted the organization's extensive experience in venture funding, dating back to 1999 with the National Venture Fund for Software & IT Industry.
"Over the years, SVCL-managed funds have backed category-defining companies, including unicorns like BillDesk and Data Patterns," Kumar stated. "The Antariksh Venture Capital Fund, being India's largest spacetech-focused fund and among the largest globally, will play an instrumental role in advancing national space capability and competitiveness."
As a wholly owned subsidiary of Sidbi, SVCL manages SEBI-registered AIFs that provide crucial early-stage and growth capital to startups and MSMEs. The firm emphasized that its funds complement Sidbi's credit and developmental programs aimed at strengthening India's innovation and manufacturing ecosystem.
This significant funding milestone marks a pivotal moment for India's private space sector, providing the necessary financial firepower to propel indigenous innovation and position the country as a global leader in space technology.
