India launched its first privately developed rocket, the Vikram-S, on Friday, a milestone in the country’s effort to create a commercial space industry. The 545-kg rocket developed by space startup Skyroot took off from the Indian space agency’s launch site near Chennai. The rocket has the capability of reaching Mach 5 – five times the speed of sound – and carrying a payload of 83 kg. Video footage showed the rocket taking off from the space centre, leaving a plume of smoke and fire in its trail.

Hyderabad-based Skyroot, founded in 2018 and backed by Singapore sovereign wealth fund GIC, was the first space startup to sign an agreement to use Indian Space Research Organisation (ISRO) launch and test facilities after the government opened the door to private companies in 2020.

It has raised Rs. 530 crore so far and employs about 200 people. Close to 100 people have been involved in its maiden launch project, the company said.

The rocket is expected to reach an altitude of about 81 kilometres before splashing down in about 5 minutes.

With the launch of Vikram-S, Skyroot has become the first private space company in India to launch a rocket into space, heralding a new era for the space sector which was opened up in 2020 to facilitate private sector participation.

Skyroot’s launch vehicles are named ‘Vikram’ as a tribute to the founder of the Indian space programme and renowned scientist Vikram Sarabhai. The startup was the first to sign a memorandum of understanding with ISRO for launching its rockets. It aims to disrupt entry barriers to cost-efficient satellite launch services and space-flight by advancing its mission to make spaceflights affordable, reliable and regular for all, the statement said.

“The maiden launch by a new Startup has significantly enhanced the credibility for Indian private space players around the globe. The capability that the sector has been claiming has been demonstrated in Space. Since its inception in 2018, Skyroot has come a long way in delivering its expertise in manufacturing of small lift launch vehicles by launching India’s first private rocket which was manufactured in just two years. The Vikram-S rocket’s success will further validate most of the technologies in the ‘Vikram’ series of space launch vehicles planned by Skyroot for the coming years. India’s space economy is set to grow to $13 billion (roughly Rs.1,06,222 crore) and the space launch segment is estimated to grow the fastest by 2025 at a CAGR of 13 percent which will be further spurred by growing private participation, latest technology adoption and low cost of launch services and this launch is a major landmark for this growth to take place in the coming years”, Lt. Gen. AK Bhatt, director general, Indian Space Association said in a prepared statement.