Skyroot Aerospace, an Indian Space-Tech startup, raised US$51 million (INR 403 Crore) in their Series-B fundraising round. This is the largest funding round ever in the Indian Space-Tech sector.
Leading the investment round was GIC, one of the most reputable investors in India. The board of Skyroot will welcome Mayank Rawat, the managing director of GIC India Direct Investment Group.
The latest round of funding comes in response to the Indian government’s massive push into the space industry, which included opening it up to startups and promoting private sector participation in the field.
The Backdrop
This investment strengthens Skyroot’s ability to capitalise on trillion-dollar space commercial possibilities and further validates the company’s technological advantages. The business intends to satisfy the expanding demand from the global small satellite market.
India’s first privately developed space launch vehicles are being developed by Skyroot. The flagship Vikram series of launch vehicles is named for Dr. Vikram Sarabhai, who established India’s space programme. With their distinctive all-carbon fibre construction, Vikram Series rockets can launch up to 800 kg of payloads into low earth orbit (LEO)
Skyroot’s and ISRO’s deal
The Indian Space Research Organization (ISRO) and Skyroot have signed a Memorandum of Understanding (MoU) to share resources and expertise.
“We are honoured to welcome one of the top institutional investors in the world as a committed associate in our effort to ‘Open Space for All. By funding all of our initial developmental launches, this investment sets us on a trajectory of hyper-growth and makes it possible to create the infrastructure necessary to achieve the high launch cadence demanded by our satellite clients. Our goal is to become recognised as a top-tier supplier of rocket launch services and the go-to location for reasonably priced and dependable small satellite launches”
remarked Skyroot Co-Founder and CEO Pawan Kumar Chandana.
“We accomplished a full duration test of one of our rocket stages in May’22 and have certified all three propulsion systems in our Vikram space launch vehicles. This year, we’re also intending to launch a demonstration into space. Within a year, this round will assist us in reaching a full-fledged commercial satellite launch scale. For our next launches, we have already begun reserving payload spaces” according to Skyroot Co-Founder and COO Naga Bharath Daka.
Skyroot- A Success Story
India’s first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines were successfully produced and tested by the four-year-old Skyroot, whose R&D and production activities heavily utilise advanced composite and 3D-printing technology.
A recent market study estimates that the global market for space launch services would expand at a CAGR of 12.25% from 2022 to 2029, from $14.21 billion to $31.90 billion.