A World on Pause, A Dream on Hold
The year 2020 brought the world to a standstill. The COVID-19 pandemic triggered unprecedented lockdowns, supply chain disruptions, and a wave of economic anxiety. For the global startup ecosystem, it was a moment of reckoning. Investors grew cautious,
and capital, the lifeblood of any new venture, became scarce. This was especially true for companies in deep-tech sectors like aerospace, which require immense capital and long development timelines with no immediate promise of returns. For Skyroot Aerospace, founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, the timing could not have been more challenging. They had a bold vision: to build India's first private rockets. What they needed was a backer who could see past the immediate global crisis.
The Search for a Believer
Chandana and Daka had quit their stable government jobs at ISRO, inspired by the potential of India's impending space policy liberalisation. They were betting on a future where private companies would play a key role in space exploration. However, their idea was met with scepticism. Rocket development is a high-risk, high-cost endeavour, and most investors preferred the safer, quicker returns of software and consumer internet businesses. The founders approached numerous investors, but the concept of a private Indian rocket company seemed unrealistic to many, especially before the government had officially opened up the sector. The pandemic only amplified this reluctance, making the already difficult task of raising funds seem nearly impossible.
An Investor's Unconventional Bet
The breakthrough came not from a traditional venture capital firm, but from a single, forward-thinking entrepreneur: Mukesh Bansal. Known for founding the fashion e-commerce giant Myntra and co-founding Cult.fit, Bansal received a cold message on LinkedIn from the Skyroot founders in 2018. He became their first and, for a time, only angel investor, putting in an initial ₹10 crore even before a clear regulatory framework for private space companies existed in India. While other investors hesitated, Bansal saw the passion and potential in the founders' vision. His conviction was so strong that when the COVID-19 crisis hit and funds became tight, he stepped in again with an additional ₹2 crore to ensure the company could retain its team and continue its work. This was the lifeline Skyroot desperately needed.
The Fuel for a Historic Launch
Bansal’s total initial investment of about ₹12 crore was more than just money; it was a vote of confidence that kept the dream alive during the darkest days of the pandemic. This funding enabled Skyroot to weather the storm, continue critical research and development, and build out its team of rocket engineers. The capital was instrumental in paving the way for the company's first major milestone: the successful launch of Vikram-S in November 2022, India's first-ever privately developed rocket to reach space. That historic achievement demonstrated the viability of India's private space industry and set the stage for even greater ambitions. It was a direct result of the perseverance of its founders and the crucial support from an investor who shared their long-term vision.
From Lifeline to Lift-Off
The pandemic-era investment proved to be a masterstroke. Following the formal opening of the space sector by the Indian government in 2020 and the success of Vikram-S, institutional investors began to flock to Skyroot. The company went on to raise significant funding rounds, eventually becoming India's first space-tech unicorn in May 2026 with a valuation over $1 billion. In July 2026, Skyroot made history again with the successful orbital launch of its Vikram-1 rocket. For Mukesh Bansal, his initial bet has yielded extraordinary returns, with his stake now valued at over ₹600 crore. It stands as one of the most successful deep-tech investments in India, validating his faith in the founders and the sector.
