IANS | 30 Oct, 2023
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.
