Space-tech company Skyroot Aerospace has raised $27.5 million (about Rs 225 crore) in a pre-Series C funding round led by the Singapore-based investment firm Temasek.
“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,” Pawan Kumar Chandana, Co-founder and CEO of Skyroot, said.
Skyroot said it will deploy the proceeds 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. With this, the total funding into the company went up to $95 million.
The company, founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, 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.
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 start-up to sign a memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO). The collaboration grants Skyroot access to ISRO’s facilities.
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Published on October 30, 2023
