In 2014, India’s Mangalyaan reached Mars’ orbit. This was a milestone in the Indian Space sector and it marked the start of a new era. Now, one of India’s leading private space agencies has started a space race within India by raising crores in funding. Skyroot Aerospace has recently raised ₹225 Crore in a pre-series C funding led by Temasek.
Founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is India’s leading private space agency that produces satellite launch vehicles. In November 2022, Skyroot launched its ‘Vikram S’ rocket and became the first Indian and South Asian private satellite launch vehicle.
This is in sync with the Indian government’s plans for India’s footprint in the Global space sector. The Indian government aspires to become the biggest satellite transporter in the world. For this reason, the Indian government has urged private OEMs to indulge in the space race and contribute to the economy. Skyroot became the first company to sign a MOU with ISRO to share its technology and facilities to make its rockets, launch vehicles and their expertise.
As of 2023, the Indian space industry is worth around $8 billion and IN-SPACe has estimated that the Indian space industry will be worth more than $44 billion by 2033, which is an 8% share of the global space industry. Additionally, ISRO has said that it will start work on its first reusable rocket which can come to fruition by 2035.