Following their historic achievement as the first private company in India to launch the Vikram-S rocket last year, Hyderabad-based startup Skyroot Aerospace is now setting its sights on its next mission into orbit this year.
The company aims to double its planned launches starting next year on a likely boost to the country’s fledgling private space sector from the success of the Chandrayaan-3 moon mission.
Brainchild of IITians: rocket engineer Pawan Chandana and software engineer Bharath Daka. Both joined ISRO in 2012 but decided to venture out on their own in 2018. Their latent spirit of entrepreneurship awakened when the Indian government released the Draft Space Activities Bill in 2017, which opened the skies to private companies. The announcement led to scientists across India becoming space entrepreneurs and startup CEOs.
“From 2024 and later, we’re looking at at least two launches per year and will probably ramp up as we move further,” said Chandana.
The company conducted India’s first private rocket launch looking to cut satellite launch costs in an industry fast getting crowded as various firms build out networks to deliver broadband services, which need small satellite launches.
Chandana said the company plans to ramp up its 280-member workforce by 20 percent in the next two years to support the expected increase in launches.
It is also planning a fundraising in 2024, more than the $51 million raised in its last round led by GIC, Chandana said, without giving further details.
“We’re well funded for now. So, the next large fundraising round, the Series C round, will probably be in 2024 end,” Chandana said.
Skyroot’s choice to name their launch vehicles ‘Vikram’ pays homage to renowned scientist Vikram Sarabhai, the founder of the Indian space programme.