Skyroot Aerospace Secures ₹225 Crore Funding in Pre-Series C Round Led by Temasek

• ByStartupStory     |    October 30, 2023

Hyderabad-based Skyroot Aerospace, India’s leading private space technology company, announced a major financial milestone with a recent funding round. The company raised ₹225 crore (approximately US$27.5 million) in a pre-Series C funding round led by Temasek, a prominent global investment firm headquartered in Singapore. This latest capital infusion builds upon Skyroot Aerospace’s previous funding efforts in 2022, bringing the total funding to a significant US$95 million, making it the largest funding achievement for an Indian space technology startup.

The funds will be deployed to drive the next phase of growth, focusing on infrastructure development, strengthening its position in space technology, attracting top-tier talent, and enhancing launch frequency and capabilities. The objective is to establish Skyroot Aerospace as a preferred choice for space launch services for small satellites, seizing the expanding global satellite launch market. The company is actively preparing for upcoming launches, with the second mission planned for early next year.

Pawan Kumar Chandana, Co-founder and CEO of Skyroot Aerospace, emphasized the importance of this funding in advancing their space launch ambitions. “This new funding will enable us to accelerate our upcoming launches planned over the next two years even as we prepare for the launch of our second mission early next year,” he said. “India’s successful moon landing mission has reignited global interest in our space prowess. As a key player in the private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market.”

Co-founder and COO Bharath Daka expressed his excitement about the new investment, welcoming Temasek as a globally renowned investor. He highlighted the areas where the funding would make a significant impact, stating, “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.”

Skyroot Aerospace, established in 2018, made history by successfully launching India’s and South Asia’s first privately developed rocket in November 2022. This achievement marked the entry of India’s private space sector into the space launch market. The company specializes in providing on-demand, cost-effective, reliable, and regular space launch services, catering to the global market for small and medium-sized satellites.

Skyroot Aerospace’s collaboration with the Indian Space Research Organization (ISRO) further distinguishes it in the industry. The startup was the first to sign a memorandum of understanding (MoU) with ISRO, granting access to cutting-edge facilities and unparalleled expertise. With its Vikram series of rockets, designed for efficiently and reliably deploying small and medium-sized satellites into space, Skyroot Aerospace is poised to transform India’s space launch capabilities.

Follow Startup Story