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The capital infusion will create a multiplier effect by attracting additional funding for later-stage development.
The fund is expected to support about 40 startups in the sector and will accelerate private space industry’s growth. (Representative Image)
The Union Cabinet, headed by Prime Minister Narendra Modi, on Thursday approved setting up of a Rs 1,000-crore venture capital fund to help space sector start-ups. The fund is expected to support about 40 startups in the sector and will accelerate private space industry’s growth.
It will also push advancements in space technology and strengthen India’s leadership through private sector participation, the government said.
The capital infusion will also create a multiplier effect by attracting additional funding for later-stage development.
Pixxel, Skyroot Aerospace, Dhruva Space, Agnikul Cosmos, Bellatrix Aerospace, Astrome Technologies are some of the top startups in India in the space sector.
