The four-year-old space technology startup from India, Skyroot Aerospace has raised $51M in a Series-B financing round. According to the company, this is the largest funding round in Indian space technology history.
Leading international investment company GIC, with its headquarters in Singapore, took the lead in the funding round.
According to the statement, the money will be used to grow the engineering team at the aerospace startup.
In order to design and test various rocket propulsion systems, Skyroot, a company founded in 2018 by former ISRO engineers Pawan Kumar Chandana and Naga Bharat Daka, constructs rockets to assist in the launch of small satellites. In order to utilise its resources and expertise, it partnered with the Indian Space Research Organization (ISRO).
A recent estimate also predicts that the market for space launch services will increase at a CAGR of 12.25 percent, from $14.21B in 2022 to $31.90B in 2029.
What will change?
It has already put its solid propulsion engine, known as Kalam-5, through a test run. It will use the larger version of this engine to power its rockets.
As part of the investment agreement, Mayank Rawat, the managing director of GIC India Direct Investment Group, will now be a member of Skyroot’s board of directors. The startup for space technology had previously received funding from companies like Myntra, Mukesh Bansal of Culfit, Anil Chalamalasetty of the Greenko Group, Mahesh Kolli of Sherpalo Ventures, and Wami Capital, among others.
According to Naga Bharath Daka, co-founder and COO of Skyroot, the funding would also assist the company in reaching a full-fledged commercial satellite launch scale within a year. He added that it has already begun reserving payload slots for upcoming launches.
“Our objective is to establish ourselves as a provider of best-in-class rocket launch services and the go-to destination for affordable and reliable small satellite launches.” said Pawan Kumar Chandana, co-founder and CEO of Skyroot.
The Indian Space Research Organisation (ISRO), the country’s national space agency, and Skyroot signed a Memorandum of Understanding (MoU) in 2021 to share resources and expertise.