When Vikram‑1 lifted off from Sriharikota on 18 July, it was more than a rocket launch – it was a historic moment for India’s private space sector. Skyroot Aerospace became the first Indian private company to send a rocket into orbit.
The story began in 2018 in a modest office in Hyderabad. Two former ISRO scientists, Pawan Kumar Chandana and Naga Bharath Daka, quit their government jobs after reading a draft of India’s Space Activities Bill. They saw a future where private firms could build and launch rockets and decided to take the risk.
At that time, the space industry was largely closed to private players and finding investors was difficult. The first cheque was written by Mukesh Bansal, the founder of Myntra and Cultfit. In 2018 he invested about $1.3 million (roughly Rs 12 crore) and became Skyroot’s sole angel investor.
India opened its space sector to private companies in 2020. This policy change attracted institutional investors and accelerated Skyroot’s growth. In November 2022, the company launched Vikram‑S, India’s first privately built rocket to reach space.
By May 2026, Skyroot raised about $60 million (around Rs 570 crore) and became India’s first space‑tech unicorn with a valuation of $1.1 billion (about Rs 10,600 crore).
Mukesh Bansal’s early investment has paid off spectacularly. He still holds 5.7% of Skyroot, valued at $63.2 million (over Rs 600 crore). He has already taken more than Rs 100 crore in partial exits, bringing his total stake value to over Rs 700 crore – a return of almost 60 times his original investment.
Skyroot’s success highlights the impact of the government’s decision to open the space sector. The number of Indian space startups grew from one in 2014 to over 400 in 2026. The government now aims to grow the space economy from $8.4 billion to $44 billion by 2033.
Mukesh Bansal, known for creating India’s fashion e‑commerce giant Myntra and the fitness brand Cult, now plays a pivotal role in India’s first private space launch. His confidence and investment helped turn a dream into a reality that many thought impossible.