Startups recognised by the DPIIT (department for promotion of industry and internal trade), are owned 80% by Indians and have not availed more than Rs 50 lakh through any other Central government scheme are eligible to apply.
As per the guidelines released on Tuesday, investment by promoters and angel investors at applicant firms must at least match the grant amount. The firms must have technology at the core of their business, IN-SPACe said, adding that an experts’ committee will decide on the modalities of how the grant is disbursed.
“IN-SPACe in its endeavour to develop a private space ecosystem in the country is pleased to announce a seed fund scheme aimed at promoting space technology. This scheme is designed to support space start-ups, those aimed to develop innovative space products and services that can improve the quality of life of people and communities in India and around the world,” the agency said.
It added that eligible applicants include early-stage start-ups with innovative ideas and projects that use space technology to address up-stream/mid-stream and down-stream challenges in the Space Sector.
“The seed fund will provide financial support to selected applicants to help them bring their ideas to life and get their projects off the ground. This support will include access to funding, mentorship, training, and networking opportunities. IN-SPACe will announce sector specific opportunities periodically,” it said.
“We are looking for projects that demonstrate a strong understanding of the challenges in the sector and a clear vision for how space technology can be used to address these challenges. Ideal applicants will have a clear business plan, a well-defined target market, and a detailed implementation strategy,” it added.