Skyroot’s Giant Leap

For several years, India’s spacetech startups have tried to seek the validation of proving that privately held companies just like their western counterparts can build globally competitive frontier technology businesses at scale. Hyderabad-based Skyroot Aerospace may have just delivered that moment. 

The startup has raised $60 Mn at $1.1 Bn valuation, becoming India’s first spacetech unicorn as it prepares for the maiden launch of Vikram-1, India’s first privately developed orbital rocket. 

For founder Pawan Kumar Chandana, the milestone is larger than just a funding round. In a conversation with Inc42, the CEO said, “This is also a signal that…a really global, large global enterprise can be built from India…in a very deep technology field like rocket science.”

This particular statement highlights the broader significance of Skyroot’s rise. India has produced several SaaS unicorns and ecommerce giants over the past decade. But deeptech, particularly aerospace, has remained government-driven and capital-intensive, with limited private participation. Skyroot’s ascent marks the first time an Indian private startup has reached unicorn status while building rockets from the ground up. 

The timing is crucial here. Skyroot is weeks away from attempting a launch that only a handful of private companies globally, including Elon Musk’s SpaceX, have managed successfully: putting satellites into orbit through a privately built orbital launch vehicle.

From ISRO To Skyroot 

Skyroot’s origins are tied to India’s public space programme. Chandana and his cofounder Naga Bharath Daka were both former scientists at Indian Space Research Organisation (ISRO), where Chandana worked on the LVM3 programme. In fact, this was where the idea of building Skyroot was born.

“I always wanted to be an entrepreneur,” Chandana told us. “But I didn’t know which idea to start with. Rockets are the most fascinating machines built by humans.” 

In his own words, he took a “leap of faith” in 2018, leaving ISRO after six years, at a time when India’s private spacetech ecosystem was virtually non-existent. He recalls there was no policy framework, limited investor appetite, and almost no precedent for private rocket companies in India. 

Chandana said he learned about startup fundraising “through Google”, before eventually securing INR 10 Cr from serial founder Mukesh Bansal. 

Chandana said that the startup operated for nearly three years with a 35-member team on that initial funding, using it to validate propulsion systems and develop early designs. 

Today, Skyroot is vastly different. It employs over 1,000 people and operates two large manufacturing facilities, Max-Q and Campus Infinity in Hyderabad.

The startup’s growth over the last eight years has been marked by a steady series of technical and launch milestones.  

The big breakthrough came in 2022 with the launch of Vikram-S, India’s first privately built rocket to reach sub-orbit. The mission crossed an altitude of 89 km, making Skyroot the first Indian private company to achieve the feat. 

In Chandana’s own words, Vikram-S’s success in its first attempt helped his team to shape Vikram-1. Almost 80% of the same technology used in Vikram-S will be utilised in Vikram-1. 

“That mission took more time, more money, and more complexity than what we imagined,” Chandana said, adding that Vikram-S shortened years of iteration. 

The Vikram Era 

As of now, the startup’s immediate focus is Vikram-1, a launch vehicle designed to deploy small satellites of up to 350 kg into low Earth orbit. 

The rocket is built with an all-carbon composite structure and powered by in-house developed propulsion systems spanning solid, liquid, and cryogenic technologies. Skyroot’s technology stack includes the Kalam series for solid propulsion, the Raman series for liquid propulsion, and Dhawan series for cryogenic propulsion, all developed internally at its campuses in Hyderabad. 

Vikram-1 also incorporates 3D-printed engines, which Chandana described as one of the most efficient approaches globally for liquid fuel rocket systems because of the complex internal geometries required for cooling channels and precision manufacturing. 

Explaining further, Chandana said that Vikram-1 will use a hybrid propulsion architecture, combining solid-fuel lower stages with liquid-fuel upper stages. The liquid stage offers precision during orbital insertion because fuel flow can be shut off at the exact moment for more accurate deployment. 

Commercially, Skyroot is targeting one of the fastest-growing segments of the global launch market: small satellite deployment. Satellites are increasingly powering communications, defense systems, Earth observation, navigation, and climate monitoring services worldwide.

This means building an “Uber for launching satellites,” as Chandana jokingly said during the interview. 

The startup’s challenge ahead remains intense. Orbital launches are among the most difficult engineering problems in the world. Chandana himself referenced SpaceX’s Starship programme, where multiple launches failed before achieving success. 

But Vikram-1 is only the first layer of Skyroot’s roadmap. 

The startup has already begun work on Vikram-2, a larger one-tonne-class launch vehicle powered by an advanced cryogenic stage. Chandana said the startup is targeting the end of next year for Vikram-2, positioning it as a higher-capacity vehicle capable of carrying larger payloads and serving more complex missions. 

Beyond that, Skyroot is also exploring reusable rocket technology, the same technology that is used by Elon Musk’s SpaceX. This technology drastically reduces launch costs globally through vertical landing and reverse thrust recovery systems. 

This will likely increase the utilisation of Skyroot rockets, the primary revenue source for the company. 

Skyroot’s long-term vision extends even further. Chandana confirmed that the startup ultimately wants to carry humans into space as well, although its current focus remains satellite launches and orbital commercialisation. 

India’s Spacetech Surge

Skyroot’s unicorn milestone also reflects a structural shift underway in India’s spacetech ecosystem. 

For decades, India’s space ambitions were confined to ISRO. That changed after policy forums opened access to government infrastructure and encouraged private participation.

A growing set of Indian startups is now building across launch vehicles, satellites, propulsion systems, and Earth observation technologies. 

Among them is Agnikul Cosmos, which is developing small satellite launch vehicles and has gained attention for its fully 3D-printed rocket engine. Like Skyroot, Agnikul is targeting the growing small satellite launch market. 

Meanwhile, Pixxel is building hyperspectral imaging satellites for Earth observation and has already secured global commercial partnerships. Bellatrix Aerospace is focused on space propulsion system and orbital mobility technologies, while GalaxEye Space is developing multi-sensor Earth observation systems for defence and surveillance applications.

When taken together, these startups signal a shift in India’s startup ecosystem from consumer internet businesses towards deeptech and strategic infrastructure. 

This backdrop also explains the rising investor interest in the space sector. Skyroot’s latest funding round included global institutional investors such as BlackRock and GIC in Skyroot.  Other global firms Glade Brook Capital and M&G Investments backed another spacetech startup Pixxel in a large deal previously. 

While achieving the unicorn tag is a milestone, Skyroot’s biggest challenge now is execution. Unlike SaaS startups, spacetech startups cannot just roll back products or quickly fix bugs and glitches. It often means going back to the drawing board. 

This is a high-risk industry, where reliability determines survival. Every launch will carry technical, reputational, and financial stakes. 

Skyroot’s focus will now shift towards establishing a steady launch cadence, scaling manufacturing, and proving commercial viability in the global launch market.

Edited By Nikhil Subramaniam
Creatives: Abhyam Gusai

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