Skyroot Aerospace, India’s leading private space-tech company, has secured an additional $27.5 million (approximately ₹225 crore) in a pre-Series C funding round. The funding was led Temasek, a Singapore-based global investment company.
This recent capital infusion builds upon Skyroot’s previous fundraising efforts and brings their total funding to a substantial $95 million, making it the largest funding round ever for an Indian space-tech startup.
The company plans to utilize the funds to drive its next phase of growth. Skyroot aims to invest in infrastructure, strengthen its technology leadership, attract top talent, and enhance its launch frequency and capabilities. Despite these expansion plans, the company intends to maintain a lean and agile core team.
Skyroot Aerospace was founded in 2018 Pawan Kumar Chandana and Naga Bharath Daka, who are space scientists-turned-entrepreneurs. The company, headquartered in Hyderabad, is one of India’s leading private space launch vehicle companies. In November 2022, they successfully launched India’s and South Asia’s first privately developed rocket, marking a significant milestone for the Indian private space sector in the space launch market.
As the prominent player in small and medium space launch vehicle design and production in India’s private sector, Skyroot offers reliable and cost-effective space launch services to the growing global small and medium-sized satellite market. Their customers include satellite operators looking to deploy single or constellations of satellites across different orbits.
Skyroot was the first startup to sign a memorandum of understanding (MoU) with the Indian Space Research Organisation (ISRO), granting them access to ISRO’s cutting-edge facilities and expertise. The collaboration further strengthens Skyroot’s position in transforming India’s space launch capabilities with its Vikram series of rockets, designed specifically for efficient and reliable deployment of small and medium-sized satellites into space.
Pawan Kumar, one of the co-founders, expressed excitement about the upcoming launches and mentioned that the new funding will accelerate their missions planned for the next two years. He also highlighted the renewed global interest in India’s space prowess following the country’s successful moon landing mission. Skyroot aims to emerge as the preferred choice in space launch services for small satellites.
Bharath Daka, another co-founder, emphasized that this funding round will enable the company to invest in enhancing production infrastructure, research and development, and expanding its team.
In conclusion, Skyroot Aerospace’s latest funding round positions them for continued growth and advancement in India’s private space industry. With their technology leadership and access to ISRO’s resources, they are poised to capture a significant share of the global satellite launch market, catering to the needs of small satellite operators.