The Vikram-S, India's first privately developed rocket, was launched successfully. Hyderabad-based Skyroot was backed by Singapore sovereign wealth fund GIC to work with ISRO. Named after scientist Vikram Sarabhai, it was launched from an ISRO site near Chennai.
The rocket is to reach an altitude of about 81 km before splashing down in about 5 minutes.
The launch is a milestone in India's effort to develop a commercial space industry. ISRO opened its doors to private companies in 2020. The initiative intends to work against the entry barriers to cost-efficient satellite launch services. It also aims to promote space-flight missions and make them affordable, regular, and reliable.
ISRO officials think the success of Vikram-S will validate the technologies in the 'Vikram' series of space launch vehicles planned by Skyroot.
The rocket developed by the space startup Skyroot weighs 545 kg and has the capability of reaching Mach 5 - five times the speed of sound. It can also carry a payload of 83 kg. Skyroot has employed about 200 people and has raised Rs 530 crore. The maiden launch project involved around 100 people.
Since its inception in 2018, Skyroot has improved itself and delivered expertise in the manufacturing of small lift launch vehicles. Vikram-S was made in just two years.
A statement from ISRO's director general said the maiden launch of a new Startup has significantly enhanced the credibility of Indian private space players around the globe. The capability that the sector has been claiming has been demonstrated in Space."
"India's space economy is set to grow to $13 billion. The space launch segment is estimated to grow the fastest by 2025 at a CAGR of 13%. This will be further spurred by growing private participation, the latest technology adoption, and the low cost of launch services. This launch is a major landmark for this growth to take place in the coming years," added the official statement.