Spacetech start-up Skyroot Aerospace raises $51M in investment which is led by GIC

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Spacetech startup from Hyderabad Skyroot Aerospace has received Skyroot Aerospace has raised$51 million (Rs 403 crore) in the Series B funding round that was led by GIC. This was the biggest financing round ever within the Space- Tech sector in India.

Myntra and CultFit founder Mukesh Bansal, Greenko Group founders (Anil Chalamalasetty and Mahesh Kolli), Solar Industries India Limited, Google board member Ram Shriram’s Sherpalo Ventures, Neeraj Arora (Former-WhatsApp Global Business Chief), Wami Capital, and investors from the past also participated in the round.

The Director General of GIC India Direct Investment Group, Maynk Rawat is joining Skyroot’s Board.

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“We have verified the three propulsion technologies used in the Vikram Space Launch Vehicles and have completed a full-length testing of one stage of the rocket in May 22nd. We’re planning to launch a demonstration rocket into space in the coming year. This will allow us to reach a full-fledged commercial satellite launch capabilities within the next year. We’ve begun making reservations for payload slots in the upcoming satellite launches.” stated Naga Bharath Daka co-founder and CEO of Skyroot.

The four-year-old Skyroot has constructed and tested India’s very first privately developed cryogenic, hypergolic liquid, and solid fuel-powered rockets and the R &D and production activities make use of advanced composites and 3D-printing technology.

In the latest market research according to a recent market survey, the global space services launch market is expected to increase to $14.21 billion by 2022, and will reach $31.90 billion at the end of 2029 at an increase of 12.25 percent over the forecast time.

“This round sets Skyroot on a path of rapid growth, as it funds all of our initial development launches. It also allows us to build infrastructure that can meet the an extremely high cadence for launches required by the satellite clients we serve. Our aim is to position ourselves as an leading provider of top-of-the-line rocket launch services as well as the most affordable option for low-cost and safe small satellite launches,” added Pawan Kumar Chandana, co-founder and Skyroot’s CEO. Skyroot.

About Skyroot Aerospace

The company was founded in 2018 by Pawan Chandana as well as Naga Bharath Daka, Skyroot is currently building its Vikram line of rockets designed to launch tiny satellites to space. Skyroot has tested its rocket engine with solid propulsion named Kalam-5 which is a larger version that is expected to drive its rockets.

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