Space-tech company Skyroot raises Rs 225 cr

Hyderabad, Oct 30 (IANS) India's leading private space-tech company, Skyroot Aerospace has raised an additional $27.5 million, equivalent to Rs 225 crore, in a pre-Series C funding round led by Temasek, a global investment company headquartered in Singapore.

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.

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 a lean and agile core team, the Hyderabad-headquartered company said in a statement.

Founded in 2018 by space scientists-turned-space entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is the country’s leading private space launch vehicle company.

In November 2022, it successfully launched India's and South Asia's first, and till date the only, privately developed rocket, marking Indian private space sector's entry into the space launch market. As the leading player in small and medium space launch vehicle designing and building in India's private sector, the company offers on-demand, cost-effective, reliable and regular space launch services to the fast-expanding global small and medium-sized satellite market, with satellite operators who look to deploy single or constellations of satellites across orbits as its customers.

Skyroot was the first startup to sign a memorandum of understanding (MoU) with the Indian Space Research Organisation (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.

"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. As a key player in India's private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite ‘go-to’ choice in space launch services for small satellites,” said Pawan Kumar.

Bharath Daka said this fund-raise would help the company to invest in the enhancement of production infrastructure, R&D and team strength.

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