SIDBI Venture Capital Ltd (SVCL), a 100% subsidiary of Small Industries Development Bank of India, has completed the first close of the Antariksh Venture Capital Fund at Rs 1,005 crore ($113.5 million), per an announcement.
Indian National Space Promotion and Authorisation Centre (IN-SPACe) accounted for Rs 1,000 crore of the amount as the anchor investor.
The fund aims to raise a total corpus of Rs 1,600 crore ($181 million).
Registered as a Category II AIF with a 10-year tenure, Antariksh VC Fund is India’s largest spacetech-focused investment vehicle. It will back early- and growth-stage startups spanning launch systems, satellites, in-space and ground services, earth observation, communications, and downstream uses.
As SVCL’s 12th venture fund, the initiative supports the national goal of developing a $44 billion space economy by 2033.
“SVCL’s objectives are closely aligned with the country’s strategic priorities and SIDBI’s mission to strengthen the MSME ecosystem,” said Arup Kumar, Managing Director and CEO at SVCL.
The firm’s objectives are closely aligned with the country’s strategic priorities and SIDBI’s mission to strengthen the MSME ecosystem.
Founded in 1999, SVCL is the investment management arm of SIDBI, the country’s principal lender for MSMEs. The firm manages SEBI-registered Alternative Investment Funds that invest in startups and small and medium enterprises.
Over the years, SVCL-managed funds have backed category-defining companies, including unicorns like BillDesk and Data Patterns.
