In an electrifying display of India’s soaring prowess in the space exploration industry, Skyroot Aerospace, a pioneering Indian space-tech startup, has secured a monumental financial leap by raising Rs. 225 crores, equivalent to over $27.5 million, in their recent pre-Series C funding round.
The driving force behind this accomplishment is the Singapore-based investment titan, Temasek. This funding milestone follows Skyroot Aerospace’s earlier triumph in securing a remarkable Rs. 500 crore or $50.5 million in a Series B round back in September 2022.
The Indian private space sector is rapidly ascending to new heights, and Skyroot Aerospace is at the forefront of this meteoric rise. The company’s recent unveiling of the innovative Vikram-I launch vehicle has left the space exploration community buzzing with excitement. Skyroot Aerospace’s array of ground-breaking launch vehicles, including Vikram I, II, and III, has been turning heads with their cutting-edge design and capabilities.
These versatile spacecraft are purpose-built to ferry payloads ranging from 200 kg to 700 kg into low Earth orbit, efficiently addressing the burgeoning demand for cost-effective space launches.
The fresh injection of capital is set to supercharge Skyroot Aerospace’s commercial satellite launch endeavours, spearhead technological advancements, attract top-tier talent, and bolster the frequency and capabilities of their launch missions. This financial boost couldn’t come at a better time, coinciding with the historic success of Vikram-S, India’s maiden privately developed rocket launch.
Furthermore, this investment underscores the escalating global confidence in India’s rapidly flourishing space sector. With over 100 unicorn companies, India is rapidly cementing its position as a hub for high-value startups.
Skyroot Aerospace’s was established in 2018 by visionary space scientists turned entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka. Skyroot Aerospace’s goal is to democratise access to space and nurture innovation within the industry with the “Opening Space For All” vision, making it accessible to a broader spectrum of stakeholders.
Pawan Kumar Chandana, the Co-founder, and CEO of Skyroot Aerospace, enthusiastically expressed that this fresh funding will accelerate upcoming launches planned over the next two years.
The sky seems to be no longer the limit for this Indian space-tech firm, as they continue their trajectory of innovation and exploration in the boundless expanse of space. Soon, this company could be the SpaceX of India, if they aren’t already.