The four-year-old space technology startup, Skyroot Aerospace has raised $51 million in a Series-B fundraising round. According to the sources, this is the largest fundraising round in Indian space technology history.
Startup Raises Millions
Leading international investment company GIC, with its headquarters in Singapore, took the lead in the funding round. Skyroot will utilize the money to increase the size of its close to 200-person space engineering team.
According to Naga Bharath Daka, co-founder and COO of Skyroot, the money will also assist the business in reaching full-fledged commercial satellite launch size within a year. He noted that it has already begun reserving payload slots for subsequent launches.
According to the Indian startup, the country’s first privately manufactured space launch vehicle will be called Dr. Vikram Sarabhai in honor of the country’s space program’s founder. According to the manufacturer, the Vikram Series rockets have an all-carbon fiber structure and can send up to 800 kg of payloads into Low Earth Orbit (LEO).
The Indian Space Research Organisation (ISRO) and Skyroot have signed a Memorandum of Understanding (MoU) to share resources and expertise. Our goal is to become known as a top-tier supplier of rocket launch services and the go-to location for reasonably priced and dependable small satellite launches. remarked the company’s co-founder and CEO Pawan Kumar Chandana.
The financial advisers for this investment round were Rothschild & Co India. Mukesh Bansal, the founder of Myntra and CultFit, the Greenko Group’s Anil Chalamalasetty and Mahesh Kolli, Solar Industries India Limited, Ram Shriram, a member of the Google board, Sherpalo Ventures, Neeraj Arora, the former global business chief of WhatsApp, and Wami Capital are among the investors in Skyroot.
The board of Skyroot will welcome Mayank Rawat, managing director of GIC India Direct Investment Group. The global market for space launch services is anticipated to increase at a CAGR of 12.25% from $14.21 billion in 2022 to $31.90 billion in 2029.