Anand Megalingam, and his truck driver father, founded Space Zone India in December 2021 to sell eco-friendly and cost-effective rockets.
Hailing from a middle-class family in Chennai, Anand overcame academic challenges to become a leader in India's space technology industry. His passion for sports earned him a full scholarship to study Aeronautical Engineering at a private university, ultimately changing the course of his life.
Anand earned over 500 certificates and was awarded the Young Scientist Award. He completed his B.Tech with a 9.8 CGPA and pursued an MS in Anti-Drone Technology. However, logistical issues led to the discontinuation of his MS project.
Undeterred, he founded Space Zone India in December 2021 with his father as a co-founder.
"I created a paper plane for a competition with a Rs 100 entry fee and won a Rs 500 cash prize," he recalls speaking to Startup Pedia.
Space Zone India focuses on Rocket Development and Learning and Development. The company aims to advance space technology and promote education and innovation.
In 2023, the company successfully launched India's first hybrid rocket from Chennai. The upcoming August 2024 launch, named Rhumi 1, will feature reusable technology. This approach offers greater control and efficiency during launch and enhances rocket reusability, making it more accessible and affordable, especially for small satellite launches.
It also developed a mobile launch pad with a separate hydraulic system for launching rockets.
The space startup also offers two-day aerodynamic workshops costing Rs 2,50,000 for up to 150 students. They also provide a ten-day virtual satellite training program. Also, they have a signed MOU to launch five cube satellites in 2026.
Anand’s startup journey wasn’t as smooth as it may sound. He faced academic struggles and logistical issues during his MS project, but he overcame them. Space Zone India had to overcome technical and regulatory challenges for their rocket launches.
The company received support from various funds and was recognised for launching 100 satellites.
Today, Space Zone India has a diverse and experienced team of 28 members and operates from a state-of-the-art facility with separate sections for R&D, rocket manufacturing, and testing.
Anand founded the company with an initial investment of Rs 1 lakh. Space Zone India has seen significant growth, with revenues of Rs 1.96 Cr from 2020 to 2023, Rs 2.35 Cr in FY 2023-24, and Rs 2.48 Cr in April and May 2024.
The Chennai-based startup is valued at around Rs 800 Cr and is seeking Rs 50 Cr funding for further development, with an overall requirement of approximately Rs 1400 Cr over three years.
Space Zone India now aims to expand rocket technology and educational programs, targeting Rs 42.50 Cr in revenue by 2025.
Website: www.spacezoneindia.com/
Read More: https://bit.ly/3W5CTHu
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