IN-SPACe launches Rs 500 Cr Technology Adoption Fund to support spacetech startups
The Technology Adoption Fund provides partial funding to help Indian spacetech companies to turn their early-stage space technologies into commercially viable products.
The Indian National Space Promotion and Authorization Centre (IN-SPACe) has introduced a Rs 500-crore Technology Adoption Fund to assist startups in the spacetech sector.
The fund will provide financial assistance covering up to 60% of the project cost for startups and MSMEs, and 40% for larger companies, with a maximum funding limit of Rs 25 crore per project, according to Dr Pawan Goenka, Chairman, IN-SPACe.
“We have designed this fund to help innovators bridge the gap between early-stage development and commercialisation. This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad,” Goenka noted.
The fund has been established to foster the growth of space technology in India and decrease reliance on imported solutions, the nodal agency said, adding that, through this initiative, it seeks to support various advancements, including the development of new space products and intellectual property that will fuel research and innovation.
Beyond financial support, the initiative offers technical guidance and mentoring to help companies overcome challenges during product development.
The Technology Adoption Fund has invited eligible non-government entities and companies to demonstrate the commercial potential of their innovations by registering on the IN-SPACe digital platform.
Last October, the Union Cabinet approved a Rs 1,000-crore venture capital fund for the spacetech sector under the aegis of IN-SPACe, a single-window, independent nodal agency that functions autonomously within the Department of Space.
(The copy was updated with additional information.)
Edited by Swetha Kannan