Mumbai (Maharashtra) [India], November 18 (ANI): 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 aims to support Indian spacetech startups in both 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 marks SVCL’s 12th venture capital fund and aligns with India’s goal of developing a USD 44 billion space economy by 2033. The fund’s full target size is Rs 1,600 crore.
Following the signing of the Contribution Agreement with IN-SPACe, SVCL declared the first close and will now seek additional funding from domestic and international investors, including institutional and sovereign entities, through the green-shoe option.
SVCL’s initiative supports India’s national priorities and SIDBI’s mission to empower MSMEs. The fund is expected to accelerate India’s progress toward its Space Vision 2047 by fostering innovation, encouraging technology development, and expanding private sector participation in the space industry.
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 also approved the establishment of a Rs 1,000 crore venture capital fund dedicated to supporting India’s space sector. This initiative, developed under IN-SPACe, aims to accelerate the growth of space startups, strengthen India’s space economy, and position the country as a global leader in space technology.
The establishment of the fund aligns with the government’s broader vision of promoting innovation, driving economic growth, and fostering self-reliance in high-tech industries, supporting the goals of Atmanirbhar Bharat.
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