India, March 21 -- SIDBI Venture Capital has been selected as the fund manager for the INR 1,000 Cr venture capital fund announced by the government to back homegrown spacetech startups.

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) made the announcement today.

"SIDBI Venture Capital Limited is selected as the fund manager/investment manager for the INR 1,000 Cr venture capital fund for the Indian space sector," the regulator said in a statement.

It must be noted that the union cabinet approved setting up a INR 1,000 VC fund last October to give a push to the space economy. The fund was first announced by finance minister Nirmala Sitharaman in her Budget 2024 speech.

The initiative aligns with the Centre's am...