New Delhi, Nov. 17 -- SIDBI Venture Capital (SVCL), the Small Industries Development Bank of India's venture capital subsidiary, has made the first close of Rs.1,005 crore for its spacetech-focused Antariksh Venture Capital Fund (AVCF). The Indian National Space Promotion and Authorisation Centre (IN-SPACe) is the anchor of the fund, putting in Rs.1,000 crore as part of the first close.

AVCF is envisioned as a Rs.1,600 crore fund and will invest in both early-stage and growth-stage spacetech companies. These investments will be for launch systems, satellites and payloads, as well as earth observation, communications and downstream applications. This is SVCL's 12th fund and is registered as a category II alternative investment fund with a...