Skyroot Aerospace, a prominent Indian spacetech enterprise, has recently announced a successful fundraising of Rs 225 crore (equivalent to roughly $27.5 million). This financial boost was obtained in a pre-Series C funding round, which was spearheaded by the Singapore investment giant, Temasek.
This substantial financial influx is not just a testament to Skyroot Aerospace’s rising prominence but also marks a pivotal moment following the introduction of their recent innovation, the Vikram-I launch vehicle.
Skyroot has steadily become a household name in the spacetech domain, largely credited to its groundbreaking launch vehicles, named Vikram I, II, and III. These technologically advanced vehicles are geared towards transporting payloads in the range of 200 kg to 700 kg to low Earth orbits. The intent behind these vehicles is to cater to the escalating demand for space launches that are not only efficient but also economically viable.
With this fresh capital at their disposal, Skyroot is poised to significantly fast-track its endeavors in commercial satellite launches. Beyond this, the funds will be pivotal in bolstering technological advancements, drawing elite professionals to their team, and notably amplifying their launch capacity and regularity.
It’s worth noting that this funding arrived shortly after Skyroot etched a landmark achievement with the launch of Vikram-S, heralded as India’s premier rocket developed by the private sector.
Moreover, this investment from Temasek underlines the mounting faith that international investors are placing in India’s rapidly expanding space industry. Presently boasting in excess of 100 unicorn enterprises, India is progressively staking its claim as a nexus for valuable startup ventures.
Established in 2018, Skyroot Aerospace is the brainchild of former space scientists who transitioned into entrepreneurial roles, Pawan Kumar Chandana and Naga Bharath Daka. From its inception, the company’s mission statement has been clear and profound: “Open Space For All.” Their intent is to make space more accessible to the masses and be a catalyst for industry innovation. This latest injection of funds is undoubtedly a stride in the direction of turning this aspiration into a tangible reality.
Pawan Kumar Chandana, the dynamic Co-founder and CEO of Skyroot Aerospace, articulated his enthusiasm about the future. He mentioned, “As we look forward to our second mission, slated for the beginning of the forthcoming year, the fresh funds will be instrumental in expediting our launch plans over the subsequent twenty-four months.”
For context, this recent pre-Series C funding round comes on the heels of a triumphant Series B round in September 2022, during which Skyroot Aerospace managed to amass an impressive $50.5 million.
