Skyroot Aerospace Company Became the First Indian Space Tech Startup With an Overall Funding of $95 Million.
Skyroot Aerospace Company: Founded in July 2018, Skyroot Aerospace Private Limited is a space startup formed by the scientists of the Indian Space Research Organisation (ISRO). From being the first startup to sign a Memorandum of Understanding (MoU) with ISRO to becoming the first organization to launch Vikram 1, an indigenous rocket, it attained various milestones.
The Skyroot Aerospace company was founded by former ISRO scientists and researchers Pawan Kumar Chandana and Naga Bharath Dhaka, with support from entrepreneurs including Curefit. The company secured initial funding of $4.3 million from aerospace firm Solar Industries, and they aim to develop small satellite launch vehicles to provide affordable space access. With experienced leadership and strategic investors, the startup is making strides toward its goal of “Opening space for all.” From pioneering rockets like Vikram-S and Vikram-1 to plans for customizable launch services, Skyroot leverages homegrown technology to expand India’s space capabilities. By drawing on ISRO expertise and startup agility, the company exemplifies how India is advancing its space program through visionary new ventures.
A further study indicated that the space industry will reach $40 billion by 2040 and acquire a 4% market share globally. The study focused on India’s Potential to reach $100 Billion in the coming years. India stands at number 7 when it comes to satellites operated. But with the growing technological advancements, there is a hope that India will be able to surpass the US and China- the top two spacefaring powers.
The establishment of the Indian space center arose from the imperative to achieve self-reliance, embodying the concept of ‘Swadeshi’ or autonomy. Previously reliant on other nations for technological requirements, India sought to chart its independent course in space exploration and technology. It was a precedent of India’s hidden potential, which effectively channelized can make strides like this. Further providing equal opportunities to both public and private sectors can be a great effort towards it.
Read More: Rakesh Sharma Story: The Story of The First And Only Indian In Space
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