Hyderabad – Skyroot Aerospace, the Indian aerospace pioneer behind the country’s inaugural private rocket launch in 2022, is targeting a twofold surge in its scheduled rocket deployments commencing next year. This upturn is anticipated to stem from the favorable aftermath of the Chandrayaan-3 lunar mission triumph, bolstering India’s burgeoning private space sector.
The Hyderabad-headquartered enterprise, bolstered by support from Singapore’s sovereign wealth fund, GIC, has set its sights on augmenting its capital reserves by the conclusion of the forthcoming year, as disclosed by co-founder Pawan Kumar Chandana in a recent interview with Reuters. Chandana stated, “Commencing from 2024 onward, we envision a minimum of two annual launches, with a probable escalation in subsequent phases.” He also revealed that the company is on track to dispatch its second rocket into space before this year draws to a close.
Chandana, a former scientist at the Indian Space Research Organisation, expressed that he has been inundated with “a plethora of inquiries from both global and domestic investors” keen on comprehending Skyroot’s operational framework, post India’s groundbreaking achievement as the first nation to achieve a secure landing on the lunar south pole. Skyroot initiated India’s pioneer private rocket launch endeavor, seeking to curtail expenses associated with satellite launches, a domain rapidly growing congested as diverse enterprises strive to construct networks facilitating broadband provision, mandating small satellite launches.
To facilitate the expected surge in launches, Chandana outlined the company’s intention to bolster its current workforce of 280 by 20% over the forthcoming two years.
A fundraising initiative is also on the horizon for 2024, surpassing the $51 million accrued during its preceding funding round spearheaded by GIC, according to Chandana, who refrained from furnishing further specifics. “Our current funding status is robust. Consequently, the subsequent substantial funding round, recognized as the Series C round, is likely to materialize towards the close of 2024,” Chandana indicated.
