Skyroot Aerospace raises $51m from Singapore-based GIC
Skyroot Aerospace, an Indian Space-Tech startup, has successfully raised US$51 million (INR 403 Crore) in Series B funding. This is the largest funding round ever in the Indian space industry. space technology.
GIC, which is one of India’s most established investors, led the funding round. Mayank Rawat, managing director of GIC India Direct Investment Group, will join Skyroot Aerospace’s board of directors.
The new round of funding follows the Indian government’s major shift towards the space sector by opening it up to private sector players, including startups, and encouraging private investment in the sector.
This investment further validates Skyroot’s strengths in space technology and enhances its capabilities to exploit trillion-dollar space business opportunities. The company plans to meet growing demand from the international market for small satellites.
Skyroot Aerospace is the pioneer of India’s first privately developed space launch vehicles. The flagship series of Vikram launchers, named after the founder of the Indian space program – Dr. Vikram Sarabhai. Vikram series rockets are uniquely constructed with a full carbon fiber structure, can launch up to 800 kg payloads into Low Earth Orbit (LEO)
Skyroot is the first startup to sign a MoU with the Indian Space Research Organization (ISRO) for sharing facilities and expertise.
“We are proud to welcome one of the world’s leading institutional investors as a long-term partner in our mission of ‘Open Space for All’. This round puts us on a hyper-growth trajectory by funding all of our initial development launches, and building infrastructure to meet the high launch cadence required by our satellite customers,” said Pawan Kumar Chandanaco-founder and CEO of Skyroot.
“Our goal is to establish ourselves as a premier rocket launch service provider and the go-to destination for affordable and reliable small satellite launches,” he adds.
“We validated all three propulsion technologies in our Vikram space launch vehicles and performed a full duration test of one of our rocket stages on May 22. We are also planning a demonstrator launch into space this year. This cycle will help us achieve full-fledged commercial satellite launch scale within a year. We have started reserving payload slots for our next launches., said Naga Bharat Daka, Co-founder and COO of Skyroot.
Rothschild & Co India are the financial advisors for this funding round. The additional fund will help expand the world-class space engineering team which currently numbers nearly 200 employees with a combined experience of more than 1,000 years in the rocket industry.
The company has already taken critical steps towards the development of its commercial space launchers. With this round, Skyroot has expanded its renowned shareholder base, including Myntra & CultFit Founder Mukesh Bansal, Greenko Group Founders (Anil Chalamalasetty & Mahesh Kolli), Solar Industries India Limited, Ram Shriram’s Sherpalo Ventures , Google Board Member, Neeraj Arora (former WhatsApp Global CEO), Wami Capital and others from previous funding rounds.
4-year-old Skyroot Aerospace has successfully built and tested India’s first privately developed cryogenic, hypergolic and solid-fuel rocket engines; the
R&D and production activities make extensive use of advanced composite and 3D printing technologies.
According to a recent market study, the global space launch services market is expected to grow from $14.21 billion in 2022 to $31.90 billion by 2029, at a CAGR of 12.25% during the forecast period.