New Delhi, Oct 30 (PTI) Space start-up Skyroot Aerospace on Monday said it had raised Rs 225 crore in pre-Series C funding which it plans to utilise for its expansion and for several orbital satellite launches planned over the next two years.
The present capital infusion builds upon the company’s previous fund raise in 2022, bringing its total funding to USD 95 million, which is the largest ever for an Indian space-tech start-up.
“As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years,” Pawan Kumar Chandana, co-founder and CEO of Skyroot Aerospace, said.
The pre-Series C funding round, which raised USD 27.5 million, was led by Temasek, the Singapore-based investment firm.
“As a key player in India’s private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite ‘go-to’ choice in space launch services for small satellites,” Chandana said.
Skyroot Aerospace co-founder Bharath Daka said the fund-raise will help Skyroot to invest in the enhancement of production infrastructure, R&D, and team strength that will help achieve higher launch cadence in the years to come.
“We are thrilled to welcome a globally renowned investor like Temasek putting their trust and joining us in this exhilarating phase of our journey,” Daka said.
Earlier this month, Skyroot unveiled its indigenously built Vikram-1 rocket which is expected to deliver satellites to low earth orbit early next year.
It also inaugurated ‘The MAX-Q Campus’, the new headquarters of the start-up at the GMR Aerospace and Industrial Park at Mamidipally in South Hyderabad.
In November last year, Skyroot became the first private sector company to launch a sub-orbital rocket Vikram-S. PTI SKU VN VN
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