India’s leading private space-tech company, Skyroot Aerospace, has secured an additional $27.5 million (₹225 crore) in a pre-Series C funding round. The investment was led by Temasek, a global investment company based in Singapore. This latest funding round builds on the company’s previous financing in 2022, bringing its total funding to $95 million, the largest ever for an Indian space-tech startup.
Skyroot Aerospace plans to utilize the newly acquired capital to fuel its next phase of growth. The company intends to make increased investments in infrastructure, reinforce its technology leadership, attract top-tier talent, and enhance its launch frequency and capabilities. Despite these expansions, Skyroot aims to maintain a lean and agile core team, according to a statement released by the Hyderabad-based firm.
Founded in 2018 by space scientists-turned-entrepreneurs Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is the leading private space launch vehicle company in India. In November 2022, it successfully launched India’s and South Asia’s first privately developed rocket, establishing the Indian private space sector’s presence in the space launch market. As the dominant player in small and medium-sized space launch vehicle design and construction in India’s private sector, Skyroot offers on-demand, cost-effective, and reliable space launch services to the rapidly expanding global small and medium-sized satellite market.
Skyroot Aerospace was the first startup to sign a memorandum of understanding (MoU) with the Indian Space Research Organisation (ISRO). This collaboration grants the company access to ISRO’s advanced facilities and unmatched expertise. With its Vikram series of rockets, specially designed for efficient and reliable deployment of small and medium-sized satellites into space, Skyroot is poised to revolutionize India’s space launch capabilities.
Pawan Kumar, co-founder of Skyroot, emphasized the company’s ambition to tap into the expanding global satellite launch market. He cited India’s successful moon landing mission as reigniting global interest in the country’s space prowess. Additionally, he expressed the company’s goal to become the preferred choice for small satellite launch services. Meanwhile, Bharath Daka, the other co-founder, stated that the recent funding would enable investments in production infrastructure, research and development, and strengthening the team.
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