Skyroot Aerospace plans to utilize the newly acquired capital of Rs. 225 to drive its next phase of growth.
Published Date – 02:46 PM, Mon – 30 October 23
Skyroot Founders Pawan Kumar Chandana and Naga Bharat Daka
Hyderabad: Hyderabad-based private space-tech company Skyroot Aerospace has raised an additional USD 27.5 million, equivalent to Rs. 225 crore, in the pre-series C funding round led by Singapore-based global investment company Tamesek.
Skyroot plans to utilize the newly acquired capital to drive its next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities, all while maintaining the core team, a release stated.
The present capital infusion builds upon the company’s previous raise in 2022, bringing its total funding to USD 95 million, which is the largest ever for an Indian Space-tech startup.
Founded by space scientists-turned-space entrepreneurs, Pawan Kumar Chandana and Naga Bharat Daka in 2022, Skyroot Aerospace successfully launched India’s first privately-developed rocket, marking Indian private space sector’s entry into to the space launch market.
Skyroot was the first startup to sign a memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO). The collaboration grants Skyroot access to ISRO’s cutting-edge facilities and unparalleled expertise.
Skyroot is poised to transform space launch capabilities of the country with its Vikram series of rockets, specially designed to deploy small and medium-sized satellites into space efficiently and reliably.
Pawan Kumar Chandana, the Co-founder and CEO of Skyroot, highlighted the significance of the funding round and said, “As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years. India’s successful moon landing mission has reignited global interest in India’s space prowess.”
Bharath Daka, the Co-founder and COO of Skyroot, expressed his enthusiasm, stating “We are thrilled to welcome a globally renowned investor like Temasek putting their trust and joining us in this exhilarating phase of our journey. This fund-raise will help us to invest in the enhancement of our production infrastructure, R&D and team strength that will enable us to achieve higher launch cadence in the years to come.”
