Skyroot Aerospace, India’s premier private space technology business, has raised $27.5 million (Rs 225 crore) in a pre-Series C fundraising round. Temasek, a Singapore-based global investment firm, led this round of funding.
Skyroot’s total capital now stands at $95 million, making it the largest-ever funding round for an Indian space-tech business.
Skyroot will use the cash injection to accelerate its next phase of growth by concentrating on infrastructure improvements, technological leadership, acquiring top-tier personnel, and extending its launch frequency and capabilities. Skyroot intends to keep its core staff tight and nimble while leveraging this fresh funding to consolidate its position as a key participant in India’s private space sector.
Skyroot Aerospace, founded in 2018 by space scientists turned entrepreneurs Pawan Kumar Chandana and Naga Bharath Daka, has emerged as India’s foremost private space launch vehicle firm. The business marked a historic milestone in November 2022 by successfully launching India’s and South Asia’s first privately constructed rocket, heralding the entry of the Indian commercial space sector into the space launch market.
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Skyroot, India’s private sector leader in small and medium space launch vehicle design and manufacture, provides on-demand, cost-effective, dependable, and consistent space launch services. Their services are aimed at the rapidly developing worldwide small and medium-sized satellite industry, where satellite operators deploy single satellites or constellations in a variety of orbits.
Skyroot Aerospace is the first company to sign a memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO), granting them access to ISRO’s cutting-edge facilities and expertise.
With its Vikram series of rockets, the business is prepared to change India’s space launch capabilities. The rockets are specifically built for quickly and reliably sending small and medium-sized satellites into orbit.
Skyroot Aerospace Co-Founder Pawan Kumar stated that the additional money will allow them to accelerate their scheduled launches over the next two years. Skyroot Co-Founder Bharath Daka noted that the funds raised would be used to increase investment in production infrastructure, research and development, and team expansion.
This achievement is a huge step forward for India’s commercial space sector, indicating its willingness to play a substantial role in the global space industry. Skyroot Aerospace aspires to become an international leader in space launch services for small satellites, capitalizing on India’s successful moon landing mission and revived global interest in the country’s space capabilities.
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