Skyroot Aerospace, a Space-tech startup in India, has successfully raised a $51 million Series-B funding round led by GIC, a leading global investment firm. This is the largest funding round ever in the Indian private Space-Tech sector, which validates Skyroot’s strengths in space technology and helps meet the burgeoning demand from the international small satellite markets.
As part of the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board.
“This round puts us on a trajectory of hyper-growth by funding all of our initial launches and enables building infrastructure to meet the high launch cadence required by our satellite customers. Our goal is to become the best-in-class launch services provider and the go-to destination for affordable and reliable small satellite launches,” said Pawan Kumar Chandana, Co-Founder, and CEO, of Skyroot.
“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22. We are also planning a demonstrator launch this year. This round will help us get to a full-fledged commercial satellite launch scale within a year. We have started booking payload slots for our upcoming launches,” said Naga Bharath Daka, Co-Founder and COO, of Skyroot.
Critical steps in the development of Skyroot's space launch vehicles have been accomplished. The flagship Vikram Launch Vehicle series is uniquely built with an all-carbon-fiber structure and can launch up to 800 kg of payloads to Low Earth Orbit (LEO).
With a strong tech team of 1000+ years of cumulative rocket industry experience, Skyroot is envisioning a world where space flight is as affordable, regular, and reliable as air flight. Skyroot is the first startup to sign an MoU with the Indian Space Research Organization (ISRO) for sharing facilities and expertise.
The 4-year-old Skyroot has successfully built and tested India's first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines; the R&D and production activities extensively use advanced composite and 3D-printing technologies.
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