The Indian National Space Promotion and Authorization Center (IN-SPACe) of the Department of Space on Tuesday announced a seed fund scheme aimed at promoting space technology in the country.
Under the new scheme, IN-SPACe, which has been formed to promote, enable, authorize and supervise space activities by non-governmental entities, select startups based on milestones in three or more installments Will provide a grant of up to Rs 1 crore to ,
As per the guidelines of the In-Space Seed Fund Scheme for Indian Startups, only Department for Promotion of Industry and Internal Trade (DPIIT) registered Startups are eligible to apply for the Seed Fund.
Also, the shareholding in the start-up by Indians (employees, promoters and angel investors) should be at least 80% and the company should not have gone through funding rounds. “However, investment from venture capitalists is permitted,” the guidelines said.
The guidelines further state that the start-up should not have received monetary assistance of more than Rs 50 lakh under any other union or state government schemes.
“The scheme will enable space start-ups to showcase their innovative idea and take it to the next level, where they can seek loans from commercial banks or financial institutions or receive funds from investors,” the guidelines said. Can.”
The exact quantum of grant and installments for each start-up will be decided by the Expert Committee (EC) based on the progress of the project.
The EC, constituted by the Chairman of In-Space, will comprise In-Space board members, In-Space, senior government officials, industry and venture capitalists.