Skyroot raises fresh funding to propel satellite launches

Skyroot Aerospace, an Indian spacetech startup, has successfully raised Rs 225 crore (approximately $27.5 million) in a pre-Series C funding round led by Singapore-based investment company, Temasek.

This marks a significant milestone for the firm, which recently unveiled its Vikram-I launch vehicle.

Skyroot Aerospace has been making waves in the space sector with its innovative launch vehicles – Vikram I, II, and III. These vehicles are being designed to carry payloads ranging from 200 kg to 700 kg to low Earth orbit, addressing the growing demand for efficient and affordable space launches.

The new capital infusion will enable Skyroot Aerospace to accelerate its commercial satellite launches, fuel technological innovation, attract top-tier talent, and enhance its launch frequency and capabilities.

The funding comes at a crucial time as the company recently made history with the successful launch of Vikram-S, India’s first privately developed rocket.

The investment also shows the growing confidence of global investors in India’s burgeoning space sector. With over 100 unicorn companies, India is fast becoming a hub for high-value startups.

Founded in 2018 by space scientists-turned-space entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace has said that the company’s goal is to “Open Space For All,” by democratizing access to space and fostering innovation in the industry. This latest funding round brings them one step closer to realizing this vision.

“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, the Co-founder and CEO, said in a statement.

The pre-Series C funding round follows Skyroot Aerospace’s previous successful Series B round in September 2022, where it raised $50.5 million. India Today