The first Indigenous vaccine of COVID-19 developed in India was....

Option 1 -> COVAXIN was indigenously developed by Bharat Biotech in collaboration with ICMR and NIV, making it India's first homegrown COVID-19 vaccine.

Option 2 -> COVISHIELD is the Oxford-AstraZeneca vaccine manufactured in India by Serum Institute, but it was developed in the UK, not indigenously in India.

Option 3 -> SPUTNIK-V is a Russian-developed vaccine that was later manufactured in India but not originally developed there.

Option 4 -> MODERNA is an American-developed mRNA vaccine, not an Indian indigenous vaccine.

Hence, Option 1: COVAXIN -> COVAXIN was developed by Bharat Biotech in Hyderabad in partnership with the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV), Pune, making it India's first indigenous COVID-19 vaccine -> correct