Indian Space-Tech Startup ‘Skyroot’ Raises ₹403 Crore Funding
Indian Space-Tech Startup ‘Skyroot’ has raised a $51 million (₹403 Crore) fund to boost its launch vehicle capabilities to tap into the global space economy.
Skyroot Aerospace, situated in Kondapur, has efficiently raised $51 million, or ₹403 crore, through a Series-B financing round, marking a significant accomplishment for the nation’s nascent commercial space startup sector.
This is by far the largest fundraising round ever in India’s space technology sector, and it is being led by the long-term investment company GIC, which has its headquarters in Singapore.
By increasing its launch vehicle capabilities, Skyroot will be better able to participate in the rapidly growing global space industry, which was estimated to be worth $469 billion in 2021.
A recent study also predicts that the market for space launch services would increase at a CAGR of 12.25 percent, from $14.21 billion in 2022 to $31.90 billion in 2029.
The business, which was established in 2018 by veteran and ex-ISRO engineers Pawan Kumar Chandana and Naga Bharat Daka, aims to meet the growing demand from the global small satellite industry.
Co-founder and CEO of Skyroot, Pawan Kumar Chandana, said,
“The transaction “puts us on a trajectory of hyper-growth by funding all of our initial developmental launches and permits constructing infrastructure to match high launch cadence demanded by our satellite customers.”
The flagship Vikram series of launch vehicles, named after the pioneer of India’s space programme, Dr. Vikram Sarabhai, are currently being developed by Skyroot’s 200-person team.
The Vikram series of rockets, constructed entirely of carbon fiber, are capable of launching payloads as heavy as 800 kg into low-earth orbit (LEO).
Naga Bharat Daka, the co-founder and COO (Chief Operating Officer) of Skyroot said,
“We completed a full duration test of one of our rocket stages in May of this year, and we have validated all three propulsion systems in our Vikram space launch vehicles. This year, we are also intending to launch a demonstration into orbit.”
The most recent fundraising round, according to Daka, will assist them in acquiring a fully functional commercial satellite launch scale within one year, and the business has already begun reserving payload spots for subsequent launches.
India’s first privately produced cryogenic, hypergolic-liquid, and solid fuel rocket engines were successfully constructed and tested by the four-year-old Skyroot.
Advanced composite and 3D printing technologies are heavily utilized in R&D and production activities.
The Indian Space Research Organization (ISRO), the country’s national space agency, and Skyroot signed a Memorandum of Understanding (MoU) in 2021 to share resources and knowledge.
After the capital raising, Mayank Rawat, managing director of GIC India Direct Investment Group, will join the board of Skyroot. The funding round’s financial advisors were Rothschild & Co. India.