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Hyderabad-based Skyroot Aerospace is prepping to test-launch its 'Vikram' series of rockets to send satellites into space by mid-2021.
Skyroot Aerospace is hoping for Space Activities Bill-2017 to get passed, which is under discussion at the cabinet level. Once the bill is passed, it would enable and regulate space activities by non-government entities, private players.
Former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka are in the process of raising the second round of funding from investors. The early-stage funding was done by entrepreneurs Mukesh Bansal and Ankit Nagori.
Referring to market reports, Naga Bharath, the company’s co-founder and the chief operating officer said the space vehicle launch market is anticipated to see exponential growth in the future and more than 7,000 satellites are expected to be launched in the next ten years.
"We will be one of the Indias first private launch vehicle (rocket)-makers. There is an upsurge in launching small satellites globally. The current capacity of launch vehicle is not sufficient to meet the demand as in the next 10 years, around 7,000 small satellites (less than 1,000 kg) are to be launched,” Naga Bharath said.
"We have been following international market trends. There is a need for multiple launch providers around the world. There are other private launch vehicle developers in other countries," he added.
Continuing further, Naga said India has a good ecosystem in terms of satellite- launching and the company is looking to make use of the ecosystem. However, he did not disclose the investments.
"Post-design to manufacture the solid stage prototype propulsion system and test, we need further investments,” Naga said.
Modern-day Space technology and applications enable national development and governance and the introduction of a space-specific legal regime should enable further growth of space activities in India.
According to the draft Space Activities Bill, Indian needs to facilitate private sector participation in space activities and authorisation and supervision by the government.
(With PTI inputs)