Mumbai: The countdown to Mission Aagaman has begun. The rocket mission Aagaman, meaning arrival, is set to take off any time after the 12th of July. Skyroot Aerospace will become the first private Indian company to launch a commercial satellite, with the test flight of Vikram 1. Days before the launch, Pawan Kumar Chandana, 35, the unicorn’s co-founder and chief executive officer (CEO), visited Mint’s Mumbai office, dressed in what has come to be the preferred attire of startup founders around the world—a plain polo shirt with his company’s emblem on the heart. Chandana and his co-founder Naga Bharath Daka quit their jobs with India’s national space agency, the Indian Space Research Organisation (Isro), to start Skyroot in 2018. Eight years later, as the company prepares for the all-important test launch, Chandana is excited but also reserved. Failure is an opportunity to learn, he said, adding that in the space industry, success in the first attempt was a statistical anomaly, not the norm. Edited excerpts:
What convinced you to leave Isro to start this?
My time at Isro was deeply satisfying for me. I’d actually decided to retire there. But I have had entrepreneurial ambitions since childhood. I just didn’t want to start anything ordinary. Then one fine day, like a lightning strike, the thought hit me: why can’t we start a private rocket company? At that time, there was no policy, no funding environment in India, nothing. But the risk-taking appetite was there. The moment we decided, we started immediately—I’m quite obsessive that way; so, there was no waiting around.
What’s your unique selling point (USP)?
The gap, I discovered, is that scale-up and industrialization are painfully slow in this industry. So, before our first commercial orbital launch, we had already invested in infrastructure capable of building one rocket a month, with a clear pathway to more. Normally, companies succeed first, then build infrastructure, then build a production line—each a very long journey done sequentially, which doesn’t help. We compressed those schedules by doing them earlier and taking bolder risks up front. Capital efficiency helped: with the same money raised, we could do more. So, we’re building the rocket and the scaling infrastructure simultaneously. That’s the core of our USP.
How is what you do different from Isro?
Isro’s priority is meeting government requirements, not commercial launches. Their missions are matched precisely—this satellite for the government, this vehicle to launch it. Doing more launches for the global commercial market isn’t their purpose at all. They only do occasional commercial launches when there’s excess capacity or geopolitical benefit. We’re purely commercial and at scale. India’s share of the global launch market is under 1%, so the potential is far higher, because all the foundations—supply chain, launch pads, talent—are already strong, built by Isro and DRDO (Defence Research and Development Organisation). The government opened the sector so that private players can go after that market.
Does India have the necessary supply chain?
Yes, genuinely. For the next rocket we’re launching, we have more than 400 suppliers, all from India. We literally thrive on the Indian supply chain—our import quotient is less than a single-digit percentage of value. We import some sensors and electronic components because they’re not yet made in India, plus certain raw materials. That’s it. And we deliberately use industrial-grade components that we rigorously test for space, the same commercial-off-the-shelf approach SpaceX uses to scale. That also makes us immune to scenarios where we can’t get access to specific parts.
Do you find the necessary talent in India?
I’d say the talent pool is available—it just needs to be tuned in this direction. Every year, around 1.5 million engineers graduate in India, and, for lack of core tech opportunities, many join IT (information technology) services or other fields. Now, there’s a chance to build real core technology here. But this work is very rigorous, not like a regular tech company. Isro built talent at scale over decades, even in a government setting, and that’s how they reached the Moon, Mars and the Sun.
Do you look to hire expatriate talent?
Yes; a real brain gain is happening. I’d estimate we’ve hired somewhere between 10 and 20 people from abroad, mostly from the US and Europe. Typically, they studied in India, spent a few years in the US, and now want to come back and contribute—they’re space buffs, aerospace people at heart. We can also hire from Isro, though that’s a small share, maybe 2–4%. There’s no non-compete barrier; the government actually encourages this movement. We’re even discussing deputation arrangements so that experienced scientists could temporarily move to the private sector and return.
Does using Isro facilities limit you?
Government policy allows companies to build their own launch sites. So, we’ll see in the future, depending on the scale. But right now, Isro’s infrastructure works well for us. And it doesn’t really limit us at this stage—I think we can easily do 30-plus launches a year with the existing infrastructure, possibly even more.
Can you tell us more about your previous launch and the upcoming maiden flight of Vikram 1?
Yes. We launched India’s first private rocket about three-and-a-half years ago, on 18 November 2022. It was a suborbital test flight that reached 80km, crossing into space. We’re still the only private company in the region to have done that. That launch proved our tech stack. The upcoming one proves the actual commercial rocket—two different things. We’re targeting Vikram 1 this year with multiple launches, though launch dates haven’t been announced. The first flights are treated as test launches, since early success rates are statistically low. Bookings convert to firm contracts once we have a commercial success.
How difficult is it to get customers right now?
Right now, in the global market, there are more payloads than rockets to launch them. That’s really the heart of the problem we’re solving. Access to launch is very, very limited globally—it’s a major global problem. Launch sits at the centre of the entire space industry; everything depends on it.
Will there be any payload on the Vikram 1 maiden launch?
There are a few payloads. The first launch will be only partially commercial because, in general, the success rate for first launches is negligible. There can be up to three test launches, you know. If all goes well, it can be like one or two test launches, but it can go up to three. For example, SpaceX’s fourth launch succeeded; the first three failed. Now, it’s history.
So, the first launches are generally considered test launches to learn more about the vehicle, address weak links, and then move to commercialization. So right now, our interest book is very strong, and it will convert to a contract book the moment we achieve commercial success.
What was your revenue, and what’s the path to profitability?
We did around ₹100 crore in revenue last fiscal. That’s essentially pre-contracting revenue tied to contract cycles—early clients booking payload capacity, and it’ll keep coming. On profitability, it’s difficult to say now until we’re in the market and have more data. But look at the statistics: SpaceX is profitable on its launches, and Rocket Lab, the number two, is more or less profitable too. All the top players are profitable. It’s a genuinely profit-generating industry if you do it well, and our costs are very competitive, which makes it even more attractive.
How big is the market?
The government has put out a figure of $44 billion by 2033. Today, we're at around $8 billion, and that's almost completely done by Isro, scaled over many years. So, going from $8 billion to $44 billion means, just imagine, how much investment has to flow in, how many success stories are required, and how much the government has to partner and handhold. It's a big, big thing. That kind of jump doesn't happen on its own—it needs enormous capital, many companies scaling up, and sustained government support across the ecosystem.
Where do your customers come from—India or global?
About 70–80% is global. There are two main customer categories: communication satellites and earth observation. Domestically, the government is the largest and most mature customer. But the private sector is also growing now, considering the new space reforms. Many companies are building satellites, and the industry will scale over the next five years. So, these two are a good combo. And the private sector is growing now under the new space reforms. But even together, domestic demand accounts for only 20–30% of our total market. The rest is global, which is far, far larger.
How do you compete with Chinese startups like LandSpace and iSpace?
Honestly, we don’t really compete head-to-head. Many countries can’t launch with China due to geopolitical considerations, and Chinese firms mostly serve domestic customers who can’t launch with us either. So, there’s no real competition in that sense. India’s neutrality is a big advantage here—people want to launch from India if capacity exists. Isro itself has launched over 300 satellites for more than 30 countries, government and private. India has long been a launching nation; so, the foundations for serving the global market are very strong.
What’s the difference between Vikram 1 and Vikram 2?
Vikram 1 is the workhorse. Vikram 2 only extends our market—it doesn’t replace anything. Vikram 2 can handle the larger satellites that Vikram 1 can’t lift. They're complementary. Payload-wise, Vikram 1 is around 300kg and Vikram 2 close to 1,000kg, both for low Earth orbit—numbers shift by orbit, which is why different figures float around. The first stage is the same for both. The real difference is the upper stage: Vikram 2 uses an advanced cryogenic stage with next-generation propellants, which is why its timeline runs longer.
How did you decide the size of Vikram 1?
The commercial sweet spot is generally 200-300kg payloads, because that range gives the highest commercial applications for both communication and earth observation satellites. So, we sized Vikram 1 at 300kg to launch the majority of these. Think of it like this: bigger rockets are trains going to major hubs, carrying many satellites to popular orbits. We’re building cabs—we're the Uber to space. Our customers need unique destinations and specific orbits that provide better regional coverage or maximum solar energy. That cab market is very underserved, and that's exactly where we'll play a major role.
Are you working on reusable rockets?
Yes, we are working on it. But our current vehicles are deliberately non-reusable, because for smaller rockets, the lowest cost and best scale come from being expendable. That's a global standard—smaller rockets are best expendable, larger rockets are best reusable. So, the plan is that our future, much larger, higher-payload vehicles will be reusable, since that’s where the economics favour it. We have quite a lot of plans beyond Vikram 2, but we’ll share those later, as and when we succeed with Vikram 1 first. That’s the sequence we’re following.
What’s the relationship with Solar Industries India Ltd, which holds about 5% in Skyroot?
They’re part of our value chain; you can think of it that way. Some of our systems are built at their facilities, and they support us in certain areas, including propellant-related work. They have really good facilities that we utilize quite a lot; so, it’s a good relationship going forward. Whether they increase the stake beyond 5% is entirely up to them. Generally, most of our investors keep investing because, at the end of the day, this is a journey—a great journey. We’re one of the rare companies where a small, close-knit set of great investors keeps backing us.
How enabling has government policy been?
Very enabling—it’s a fantastic way the government has opened up over the last three or four years. We were actually the first company to sign an MoU (memorandum of understanding) with Isro once the policy allowed it; before that, there was simply no regulation for them to work with the private sector. Since then, around 400 startups have emerged, mostly in Bangalore and Hyderabad. There are seed funds, growth funds, R&D (research and development) funding and land incentives. The central and state governments, through IN-SPACe (Indian National Space Promotion and Authorisation Centre), have built shared clusters in Gujarat and Tamil Nadu—common testing infrastructure that startups can use at very nominal prices.
If you had 30 minutes with the prime minister, what one thing would you ask?
I’d ask the government to become the anchor customer for the space sector. That’s been the global norm—it’s what builds sustainable ecosystems, in the US, China and now Europe. When a portion of revenues is locked in for government demand, it gives investors enormous confidence to invest heavily, with comfort about sustainability. Look at SpaceX: they got a roughly $1.6 billion contract very early, even while rockets were still failing. Our journey was even tougher; it took us seven years to raise what Elon Musk had on day one. A government demand-build would change everything.
Where do you see Skyroot in the next five years?
It’s very difficult to say precisely now, but I think we’ll be launching regularly and will be one of the very few companies globally doing so. Space is a multi-decade journey, but the next five years will be a real growth path to set it up. Every year, the field reinvents itself – two years ago, we couldn't imagine orbital data centres, and now, with AI's scale and energy demands, space offers a solution. Our near-term milestones are getting to orbit, then getting to orbit sustainably - reaching a reliable launch-a-month cadence. In our industry, remember, failure is progress; it's how we learn.
Has Skyroot’s journey boosted other entrepreneurs?
Absolutely—I think our journey has boosted a lot of entrepreneurs over the last seven or eight years. At every stage we raised capital, it validated the sector for investors. When we did our seed round, it proved that seed funding was doable here. Series A showed that growth capital could enter. Series B lifted Series A availability for others. So, each milestone was a signal to the investor community to take the sector more seriously. Some of my investor friends who explored early but couldn't take the leap now regret it—but they have the chance to back other companies. It’s been collective learning.