“We perceive ourselves more like a cab,” expressed Mr. Chandana. His company implements higher rates for smaller-payload launches, while SpaceX, in contrast, operates more like a bus or a train, accommodating all passengers in a single destination.
SpaceX has propelled India’s start-up energies towards space. When Mr. Modi prioritized this endeavor, some of ISRO’s own engineers, including Mr. Chandana of Skyroot and his partner Bharath Daka, ventured into the game.
India possesses geopolitical advantages. Historically, Russia and China have offered lower-cost options for launches. However, the war in Ukraine has drastically reduced Russia’s role as a competitor. In September, OneWeb, a British satellite start-up, suffered a $230 million loss when Russia impounded 36 of its spacecraft. OneWeb subsequently turned to ISRO in India to launch its next constellation of satellites. Additionally, the U.S. government is more likely to approve the transmission of military-grade technology through India rather than China.
India’s vendor ecosystem is astonishing in size. Years of interacting with ISRO have birthed approximately 400 private companies, clustered around Bengaluru, Hyderabad, Pune, and other locations. These companies specialize in manufacturing specialized screws, sealants, and other products tailored for space. It is not uncommon for around 100 companies to collaborate on a single launch.
Skyroot and Dhruva operate in the more exciting sectors of launch and satellite delivery, comprising only 8% of India’s space business. The majority of the business comes from companies focused on collecting data transmitted by satellites.
Pixxel stands out in this field as a notable start-up. They have developed an imaging system capable of detecting patterns on the Earth’s surface that are beyond the range of ordinary color vision. With headquarters in Bengaluru and an office in Los Angeles, Pixxel has secured a contract with a secretive agency within the Pentagon. Furthermore, a significant portion of the satellite business will inevitably involve consumer broadband and TV services beamed from low orbit.
Within Skyroot’s hangar, its engineers turned entrepreneurs discuss venture-capital funding. Mr. Chandana recounts the stages of funding as “the seed round,” followed by the series A round valued at 11 million, and finally a bridge round of 4.5 million.
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