Prime Minister Narendra Modi is set to virtually inaugurate the Infinity Campus of the space-tech startup Skyroot Aerospace in Hyderabad on November 27. This 2-lakh square feet facility will enhance India's private space capabilities by focusing on the design, development, integration, and testing of various launch vehicles.

The campus will have the capacity to produce one orbital rocket per month.

The Prime Minister will officially open the Safran Aircraft Engine Services India and participate in the laying of the foundation stone for the Safran M88 Rafale engine MRO site.    

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According to reports, the Prime Minister will reveal Vikram-I, which is Skyroot's initial orbital rocket capable of launching satellites into orbit.

The startup, co-founded by IIT alumni Pawan Chandana and Bharath Dhaka, along with ISRO scientist-turned entrepreneurs, successfully launched its sub-orbital rocket Vikram-S, making history as the first Indian private company to achieve this milestone.

Reports indicate that the quick growth of private space companies is proof of the effective changes made by the Government in recent years, which has solidified India's position as a strong global space power.

 

Additionally, the firm is the initial private company to send a rocket into space in South Asia. In 2022, it effectively launched its first launch vehicle named Vikram-S, and is now preparing to launch its debut orbital-class launch vehicle known as Vikram-1, which has the capability to launch satellites into orbits.

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According to Inc42's Datalabs, the company has secured over $95 million in funding so far, with WorldQuant Ventures, Graph Ventures, and Meraki Labs among its supporters. The most recent funding round was $51 million in Series B, with GIC from Singapore leading the round in 2022.

The reveal occurred after five months of the company from Hyderabad signing an MoU with a US-based spacetech startup, Axiom Space, to work together in advancing space explorations and improving access to low earth orbit (LEO).

The growth is happening in the domestic space technology industry due to increased private investment, government support, the liberalization of the space sector in 2023, and new applications.

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Last week, SIDBI Venture Capital Ltd revealed the first phase of the Antariksh Venture Capital Fund, which focuses on spacetech, with a total of INR 1,005 crore. In August, Prime Minister Modi encouraged the spacetech industry to create five unicorns within the next five years and increase the number of rocket launches to 50 annually. Many new local startups have emerged in the space industry, covering a wide range of services such as creating reusable rockets, satellites, and providing data analysis. These modern companies have secured large amounts of funding and serve major clients.