The Indian National Space Promotion and Authorization Centre (IN-SPACe) has introduced the Technology Adoption Fund (TAF), a ₹500 crore initiative to support Indian startups and enterprises in the space tech sector. The fund is designed to help companies bridge the gap between early-stage innovation and commercialisation, strengthening India’s position in the global space industry while reducing dependence on imported solutions.
Announced by IN-SPACe Chairman Dr Pawan Goenka, the TAF will provide financial support, technical mentorship, and industry collaboration opportunities to fuel innovation in India’s growing private space sector. The initiative aligns with the government’s larger efforts to develop an independent and competitive space tech ecosystem, following the Union Cabinet’s ₹1,000 crore venture capital fund approved in October 2023.
The Technology Adoption Fund offers funding based on the size and type of company applying:
- Startups and Micro, Small, and Medium Enterprises (MSMEs) can receive financial assistance covering up to 60% of their project costs.
- Larger enterprises are eligible for up to 40% funding support.
- Each project can receive a maximum of ₹25 crore in financial aid.
To qualify, Non-Government Entities (NGEs) must demonstrate the commercial potential of their space-related innovations. Applications are being accepted through the IN-SPACe digital platform, ensuring a streamlined and transparent selection process.
A key objective of the TAF is to address the challenges startups face in transforming innovative concepts into market-ready products. Many early-stage space technologies in India face hurdles in securing funding, refining production processes, and scaling operations to meet industry standards. The Technology Adoption Fund is expected to provide crucial financial backing to bridge this gap, helping companies accelerate product development.
Speaking on the initiative, Dr Pawan Goenka stated, “We have designed this fund to help innovators bridge the gap between early-stage development and commercialisation. This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad,” said Goenka.
Beyond financial support, the TAF will provide technical guidance and mentorship, assisting companies in overcoming engineering and manufacturing challenges. This hands-on approach aims to ensure that innovative ideas transition smoothly into practical applications.
India’s space sector has witnessed a surge in private sector participation, particularly since the liberalisation of the industry in 2020. The establishment of IN-SPACe as an independent nodal agency has allowed for greater collaboration between ISRO, private firms, and startups, increasing domestic space innovations.
The Indian Space Association (ISpA), which represents private spacetech firms in India, has welcomed the launch of TAF. Industry leaders believe this initiative will significantly accelerate the commercialisation of space technologies, making India a key global player in the space race.
The TAF initiative complements the government’s broader strategy to position India as a leading space economy alongside major players like the United States, China, and the European Union. By investing in homegrown space tech innovations, India aims to enhance self-reliance, create high-skilled jobs, and foster a sustainable commercial space industry.