Under the leadership of Singapore-based global investment firm Tamesek, Hyderabad-based private space-tech company Skyroot Aerospace has received an additional USD 27.5 million, or Rs. 225 crore, in the pre-series C fundraising round.
According to a release, Skyroot intends to keep its core team in place while using the recently raised funds to fuel its next stage of expansion. This will be accomplished by increasing infrastructure investments, reaffirming its technological leadership, luring top talent, and improving launch frequency and capabilities.
The current investment round expands on the company’s 2022 round, totaling USD 95 million—the most amount ever received by an Indian space-tech venture.
In 2022, Skyroot Aerospace—founded by space scientists Pawan Kumar Chandana and Naga Bharat Daka—successfully launched India’s first rocket produced privately, signaling the country’s private space sector’s foray into the space launch industry.
The Indian Space Research Organization (ISRO) and Skyroot signed a memorandum of understanding (MoU) on the first occasion. Through the partnership, Skyroot will have access to ISRO’s state-of-the-art facilities and unmatched knowledge.
With its Vikram series of rockets, which are specifically engineered to quickly and safely launch small and medium-sized satellites into orbit, Skyroot is ready to revolutionize the nation’s space launch capabilities.
The co-founder and CEO of Skyroot, Pawan Kumar Chandana, emphasized the importance of the investment round by stating, “With this new funding, we will be able to accelerate our upcoming launches over the next two years as we get ready to launch our second mission early next year.” The successful moon landing mission by India has rekindled interest in India’s space capabilities around the world.
“We are thrilled to welcome a famous global investor like Temasek putting their trust and joining us in this exhilarating phase of our journey,” said Bharath Daka, co-founder and chief operating officer of Skyroot, expressing his enthusiasm. In order to increase our launch cadence in the future, we will be able to spend in improving our manufacturing infrastructure, R&D, and team strength thanks to the funds raised via this campaign.
