Spacetech startup Skyroot Aerospace raises $51M in funding led by GIC
- ByStartupStory | September 3, 2022
Hyderabad-based spacetech startup has raised $51 million (Rs 403 crore) in Series B funding round led by GIC. This is happened to be the largest financing round ever in the Space- Tech sector of India.
Myntra and CultFit founder Mukesh Bansal, Greenko Group founders (Anil Chalamalasetty and Mahesh Kolli), Solar Industries India Limited, Google board member Ram Shriram’s Sherpalo Ventures, Neeraj Arora (Former-WhatsApp Global Business Chief), Wami Capital, and existing investors also participated in the round.
The Managing Director of GIC India Direct Investment Group, Maynk Rawat, will be joining Skyroot’s Board.
“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22. We are also planning a demonstrator launch to space this year. This round will help us get to full-fledged commercial satellite launch scale within a year from now. We have started booking payload slots for our upcoming launches,” said Naga Bharath Daka, Co-Founder and COO of Skyroot.
The 4-year-old Skyroot has successfully built and tested India’s first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket ngines; the R &D and production activities extensively use advanced composite and 3D-printing technologies.
With reference to a recent market survey, the global space launch of services market will have grown from $14.21 billion in 2022 to $31.90 billion by 2029, at a CAGR of 12.25% in forecast period.
“This round puts us on a trajectory of hyper-growth by funding all of our initial developmental launches, and enables building infrastructure to meet high launch cadence required by our satellite customers. Our objective is to establish ourselves as a provider of best-in-class rocket launch services and the go-to destination for affordable and reliable small satellite launches,” said Pawan Kumar Chandana, Co-founder and CEO of Skyroot.
About Skyroot Aerospace
Founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is building the Vikram series of rockets to catapult small satellites into space. The firm has already test-fired its solid propulsion rocket engine, called Kalam-5, whose bigger version will power its rockets.
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