India’s Skyroot expects to double rocket launches amid Chandrayaan-3’s success

Skyroot Aerospace, the company that achieved India’s first private rocket launch in 2022, is gearing up for an ambitious expansion. The Hyderabad-based firm, supported by Singapore’s sovereign wealth fund GIC, plans to double its annual launches from next year onward and is seeking to raise additional funds by the end of next year. This move comes as the Indian private space sector gains momentum following the success of the Chandrayaan-3 moon mission.

Pawan Kumar Chandana, co-founder of Skyroot Aerospace and a former scientist at the Indian Space Research Organization (ISRO), shared in an interview with Reuters that the company intends to scale up its launches significantly. Currently preparing for its second rocket launch later this year, the company aims to achieve at least two launches per year from 2024 onwards.

Skyroot Aerospace’s success has attracted attention from both global and domestic investors. Chandana mentioned that he has received numerous inquiries from investors who are interested in understanding the company’s business model, particularly since India accomplished a historic safe landing on the lunar south pole.

The company’s initial focus is on satellite launch services, aiming to reduce the costs associated with sending satellites into space. The satellite launch industry has seen increased activity as companies work to establish networks for delivering broadband services using small satellite launches.

To support its growth ambitions, Skyroot Aerospace plans to expand its workforce by 20% over the next two years. Currently comprising around 280 members, the company aims to bolster its team to handle the anticipated surge in launch activities.

In terms of fundraising, Skyroot Aerospace is already well-funded, having raised $51 million in its previous funding round led by GIC. While the company is adequately financed at present, Chandana revealed plans for a larger fundraising round, Series C, in 2024. The co-founder did not disclose specific details about the upcoming fundraising effort but indicated that the funds would contribute to further expanding the company’s operations and capabilities.

As India’s private space sector gains traction and innovation flourishes, Skyroot Aerospace stands as a prominent player poised to contribute significantly to the nation’s space endeavors and commercial space industry growth.