Skyroot Aerospace's inaugural 'Prarambh' mission (the beginning).
The Vikram-S launch is slated for November 15 at 11:30am.
In honour of Vikram Sarabhai, Skyroot's launch vehicles are given the name Vikram.

On Friday, India successfully launched the Vikram-S, the nation's first privately developed rocket, marking an important step in its efforts to establish a commercial space industry. The launch location for the Indian space agency's 545-kg rocket, manufactured by the space company Skyroot, is located close to Chennai.

The rocket can travel at a speed of Mach 5, or five times the speed of sound, while carrying an 83 kilogramme payload. The rocket was seen in video footage launching from the space centre and sending a plume of smoke and flames in its wake. 

After the government began to accept applications from private businesses in 2020, Hyderabad-based Skyroot, which was founded in 2018 and is backed by Singapore's sovereign wealth fund GIC, became the first space startup to do so. It employs 200 people and has raised 530 crore rupees so far.

The project for its first launch, according to the company, involved close to 100 people. Prior to splashing down, the rocket will ascend to an estimated altitude of 81 kilometers. Skyroot has launched Vikram-S into space, marking a new era for the space industry as the first private space company in India to do so.

In honour of Vikram Sarabhai, the pioneer of the Indian space programme and a prominent scientist, Skyroot's launch vehicles bear the name 'Vikram.' The new company was the first to negotiate an agreement with ISRO for the launch of its rockets.

By advancing its mission to make spaceflights accessible, dependable, and regular for everyone, it seeks to dismantle entry barriers to cost-effective satellite launch services and spaceflight, according to the statement. The debut of a new startup has greatly increased the reputation of Indian private space players abroad. The sector has been claiming that this capability has been proven in space.

Skyroot launched the first private rocket built in India in under two years, marking a significant advancement in the delivery of its competence in the construction of small lift launch vehicles since its founding in 2018. The Vikram-S rocket's performance will help to further validate most of the technology used in Skyroot's next 'Vikram' family of space launch vehicles.

India's space economy is expected to increase to $13 billion (roughly Rs. 1,06,222 crore) by 2025, and the space launch sector is predicted to grow at the fastest rate, at a CAGR of 13%, thanks to increasing private participation, the adoption of cutting-edge technology, and the low cost of launch services.