India's first space-tech unicorn has Haldiram connection
Skyroot Aerospace is India's first space-tech unicorn, which recently launched the Vikram-1 rocket. But did you know that this startup has a Haldiram connection?
When you hear about space-tech companies, you may recall Elon Musk’s SpaceX or Jeff Bezos’ Blue Origin. But now, India has its own spacetech unicorn – Skyroot Aerospace, the company behind the Vikram-1 launch last week. And this space-tech firm has a Haldiram connection.
Since being formed in 2018, Skyroot Aerospace has had a number of fundraising rounds, with reports indicating a total funding of around $160 million. In one such round, Indian food giant Haldiram’s invested in the aerospace company.
Yes, the same Haldiram’s where you may have lunch with your family, owns a part of the company launching rockets in orbit. According to Tracxn, Haldiram’s invested in Skyroot Aerospace during a series B round in January 2022, though the amount of investment is not clear.
On X, users were surprised to see this connection. With one calling it a crossover they never expected.
Haldiram’s is not the only Indian backer of Skyroot though. Indian billionaire Lakshmi Niwas Mittal is also an investor via his VC firm, LNM India Internet Ventures.
Other backers include private equity firms such as BlackRock and Singapore’s GIC. Currently, Skyroot Aerospace is valued at $1.1 billion.
What is Skyroot Aerospace?
Skyroot Aerospace is a space-tech firm founded by former ISRO employees – Pawan Kumar Chandana and Naga Bharath Daka. It aims to provide satellite launch services commercially. The company plans to begin commercial operations as early as next year. Think similar to satellite launches done by Elon Musk’s SpaceX.
On Saturday, July 18, Skyroot successfully launched a test rocket carrying a 350-kilogram payload into low orbit, making it the first Indian private company with orbital space launch capability.
Skyroot is targeting the sub-1,000 kilogram market, where it will compete with US-based startups such as Rocket Lab, Firefly Aerospace and Astra Space, as well as Chinese private firms including i-Space, Galactic Energy and CAS Space.
That is, unlike larger launches where payloads are placed in approximate locations, Skyroot will likely deliver a single customers’ payload to a precise location in space. This would mean that a satellite will be exactly where it needs to be, and an operator will not have to use internal fuel and time to move them into the desired location.
The market for this is currently estimated to be worth around $5 billion. But as per reports, this is expected to grow rapidly as more companies launch satellites. In May this year, US’ Rocket Lab said that its order backlog had more than doubled from a year earlier to $2.2 billion, with launches booked through 2029. Rocket Lab has a market capitalisation of more than $43 billion.
When you hear about space-tech companies, you may recall Elon Musk’s SpaceX or Jeff Bezos’ Blue Origin. But now, India has its own spacetech unicorn – Skyroot Aerospace, the company behind the Vikram-1 launch last week. And this space-tech firm has a Haldiram connection.
Since being formed in 2018, Skyroot Aerospace has had a number of fundraising rounds, with reports indicating a total funding of around $160 million. In one such round, Indian food giant Haldiram’s invested in the aerospace company.
Yes, the same Haldiram’s where you may have lunch with your family, owns a part of the company launching rockets in orbit. According to Tracxn, Haldiram’s invested in Skyroot Aerospace during a series B round in January 2022, though the amount of investment is not clear.
On X, users were surprised to see this connection. With one calling it a crossover they never expected.
Haldiram’s is not the only Indian backer of Skyroot though. Indian billionaire Lakshmi Niwas Mittal is also an investor via his VC firm, LNM India Internet Ventures.
Other backers include private equity firms such as BlackRock and Singapore’s GIC. Currently, Skyroot Aerospace is valued at $1.1 billion.
What is Skyroot Aerospace?
Skyroot Aerospace is a space-tech firm founded by former ISRO employees – Pawan Kumar Chandana and Naga Bharath Daka. It aims to provide satellite launch services commercially. The company plans to begin commercial operations as early as next year. Think similar to satellite launches done by Elon Musk’s SpaceX.
On Saturday, July 18, Skyroot successfully launched a test rocket carrying a 350-kilogram payload into low orbit, making it the first Indian private company with orbital space launch capability.
Skyroot is targeting the sub-1,000 kilogram market, where it will compete with US-based startups such as Rocket Lab, Firefly Aerospace and Astra Space, as well as Chinese private firms including i-Space, Galactic Energy and CAS Space.
That is, unlike larger launches where payloads are placed in approximate locations, Skyroot will likely deliver a single customers’ payload to a precise location in space. This would mean that a satellite will be exactly where it needs to be, and an operator will not have to use internal fuel and time to move them into the desired location.
The market for this is currently estimated to be worth around $5 billion. But as per reports, this is expected to grow rapidly as more companies launch satellites. In May this year, US’ Rocket Lab said that its order backlog had more than doubled from a year earlier to $2.2 billion, with launches booked through 2029. Rocket Lab has a market capitalisation of more than $43 billion.
When you hear about space-tech companies, you may recall Elon Musk’s SpaceX or Jeff Bezos’ Blue Origin. But now, India has its own spacetech unicorn – Skyroot Aerospace, the company behind the Vikram-1 launch last week. And this space-tech firm has a Haldiram connection.
Since being formed in 2018, Skyroot Aerospace has had a number of fundraising rounds, with reports indicating a total funding of around $160 million. In one such round, Indian food giant Haldiram’s invested in the aerospace company.
Yes, the same Haldiram’s where you may have lunch with your family, owns a part of the company launching rockets in orbit. According to Tracxn, Haldiram’s invested in Skyroot Aerospace during a series B round in January 2022, though the amount of investment is not clear.
On X, users were surprised to see this connection. With one calling it a crossover they never expected.
Haldiram’s is not the only Indian backer of Skyroot though. Indian billionaire Lakshmi Niwas Mittal is also an investor via his VC firm, LNM India Internet Ventures.
Other backers include private equity firms such as BlackRock and Singapore’s GIC. Currently, Skyroot Aerospace is valued at $1.1 billion.
What is Skyroot Aerospace?
Skyroot Aerospace is a space-tech firm founded by former ISRO employees – Pawan Kumar Chandana and Naga Bharath Daka. It aims to provide satellite launch services commercially. The company plans to begin commercial operations as early as next year. Think similar to satellite launches done by Elon Musk’s SpaceX.
On Saturday, July 18, Skyroot successfully launched a test rocket carrying a 350-kilogram payload into low orbit, making it the first Indian private company with orbital space launch capability.
Skyroot is targeting the sub-1,000 kilogram market, where it will compete with US-based startups such as Rocket Lab, Firefly Aerospace and Astra Space, as well as Chinese private firms including i-Space, Galactic Energy and CAS Space.
That is, unlike larger launches where payloads are placed in approximate locations, Skyroot will likely deliver a single customers’ payload to a precise location in space. This would mean that a satellite will be exactly where it needs to be, and an operator will not have to use internal fuel and time to move them into the desired location.
The market for this is currently estimated to be worth around $5 billion. But as per reports, this is expected to grow rapidly as more companies launch satellites. In May this year, US’ Rocket Lab said that its order backlog had more than doubled from a year earlier to $2.2 billion, with launches booked through 2029. Rocket Lab has a market capitalisation of more than $43 billion.
