The Cold Message That Sparked a Revolution
In 2018, two former ISRO scientists, Pawan Kumar Chandana and Naga Bharath Daka, were nursing a colossal ambition: to build India’s first private space-launch company. They had the technical expertise, having worked on India's most advanced rockets like
the GSLV Mk III. What they didn't have was funding or even a clear regulatory path, as India's space sector was not yet fully opened to private players. Facing skepticism and a lack of interest from traditional investors, they took a digital leap of faith. Chandana sent a cold, unsolicited message on LinkedIn to one of India’s most successful entrepreneurs: Mukesh Bansal, the founder of Myntra and Cure.Fit. The pitch was simple but audacious: they wanted to build rockets privately in India.
Why Mukesh Bansal?
Targeting Bansal was a calculated move. While known for e-commerce and fitness tech, Bansal had a reputation for backing visionary, albeit risky, ideas. The Skyroot founders were not just looking for a cheque; they needed a believer. Bansal himself was intrigued by the sheer audacity of two engineers in their late twenties wanting to build a rocket company from scratch. He met them that very weekend. In that meeting, he saw not just a business plan, but an intense passion and a willingness to dedicate the next decade to their dream, even if it meant just being able to support their families. This conviction, at a time when private space ventures in India were considered science fiction, was what made Bansal take the plunge.
From a Message to a Milestone
Moved by their passion, Bansal became Skyroot's first and sole angel investor, writing a cheque for ₹10 crore. This initial capital was more than just money; it was a lifeline and a powerful vote of confidence. It arrived nearly two years before institutional venture capital firms would come on board, a period when the startup's future was highly uncertain. The funds allowed Chandana and Daka to assemble a core team and begin the foundational work on their Vikram series of rockets. When the COVID-19 pandemic struck and finances tightened, Bansal once again stepped in with an additional ₹2 crore to ensure the team stayed together. This early support was critical, enabling Skyroot to survive its most vulnerable phase.
A Bet That Shot for the Stars
Bansal's early faith paid off spectacularly. His total investment of around ₹12 crore has since multiplied in value by nearly 60 times, with his current stake and partial exits reportedly valued at over ₹700 crore. More importantly, his bet catalyzed a larger movement. Once the Indian government officially opened the space sector in 2020, other major investors followed, including GIC, Sherpalo Ventures, and BlackRock. Skyroot went on to achieve historic milestones, launching India's first privately built rocket (Vikram-S) in 2022 and its first privately developed orbital rocket (Vikram-1) in July 2026. The company is now valued at over a billion dollars, becoming India's first space-tech unicorn.
A New Playbook for Indian Entrepreneurs
The story of Skyroot’s first funding round has become a legendary tale in India's startup ecosystem. It serves as a powerful lesson that the old rules of fundraising are being rewritten. In an era of digital connectivity, a well-crafted, direct, and passionate pitch to the right person can be more effective than a hundred formal applications. It highlights the importance of audacity and conviction. Chandana and Daka didn't just have an idea; they had an unwavering belief in their mission to democratize space, which resonated far more than any financial projection could. Their journey proves that innovation isn't just about the product you build, but also the creative and bold ways you bring it to life.
