The largest fundraising round ever in the Indian space-tech industry, Rs 403 crore was raised by Indian space-tech firm Skyroot Aerospace in a Series-B financing round. The capital round was spearheaded by renowned international investment company GIC, which has invested extensively in India.
A brief about the Indian Startup Skyroot Aerospace Investment:
The company said in a press release on Saturday that this investment strengthens Skyroot’s space technology capabilities and increases its capacity to capitalise on trillion-dollar space commercial possibilities. The business intends to satiate the expanding demand from the global small satellite market.
Additional funding will aid in the expansion of the business’s elite space engineering staff, which presently numbers over 200 people and has a combined expertise of more than a thousand years in the rocket industry.
The Indian Space Research Organization (ISRO) and Skyroot have signed a Memorandum of Understanding (MoU) to share resources and expertise. The business is in charge of the first independently developed space launch vehicles in India. The flagship Vikram series of launch vehicles is named for Dr. Vikram Sarabhai, who established India’s space programme. Uniquely constructed with an all-carbon fibre frame, Vikram Series rockets can send up to 800 kg of payloads into low-earth orbit (LEO).
Mayank Rawat, managing director of GIC India Direct Investment Group, will join the board of directors of Skyroot as a result of the funding. “The corporation has already reached important turning points in the creation of its industrial Space launch vehicles.
The first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines in India were successfully manufactured and tested by Skyroot, which was founded only four years ago. The R&D and production activities heavily utilise advanced composite and 3D-printing technology.
“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 needed to fulfil the high launch cadence demanded by our satellite clients. According to Pawan Kumar Chandana, co-founder and CEO of Skyroot, “Our goal is to position ourselves as a provider of best-in-class rocket launch services and the go-to location for inexpensive and dependable small satellite launches.
