In a significant development for the Indian space technology landscape, Hyderabad-based spacetech startup Skyroot Aerospace announced on August 30 that it had successfully secured $27.5 million in a pre-series C funding round.
The funding was led by Temasek, underscoring the increasing importance and potential of the Indian space technology sector even amidst the so-called funding winter.
The recent injection of funds now brings the launch vehicle manufacturer Skyroot’s funding corpus to an impressive $95 million, representing the largest funding pool to date for any Indian space-tech startup. Comparatively, its counterparts Pixxel and Agnikul Cosmos have raised $71 million and $40 million in total venture funding, respectively.
Skyroot Aerospace has outlined ambitious plans for the utilization of these newly acquired funds. The primary objective is to penetrate the global satellite launch services market, with a series of planned orbital launches scheduled over the next two years. This move not only highlights the company’s growing influence in the global space sector but also signals its readiness to compete on an international scale.
Skyroot Aerospace new capital propels commercial satellite Launch Mission
According to a recent statement released by the company, the startup intends to channel the raised funds into various key areas. These include a significant increase in infrastructure investments, bolstering its technological capabilities, attracting top-tier talent, and enhancing both launch frequency and overall operational capabilities.
Founded in 2018 by former space scientists turned entrepreneurs Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace has been steadily making waves in the Indian space industry. In November 2022, the company achieved a major milestone by successfully launching India’s first privately developed rocket, thereby solidifying the Indian private space sector’s foothold in the competitive space launch market.
With its sights set on serving the ever-expanding global small and medium-sized satellite market, Skyroot Aerospace offers “on-demand, cost-effective” regular space launch services to satellite operators. This positioning makes the company an attractive option for those seeking to deploy individual satellites or satellite constellations across various orbits.
Earlier this month, Skyroot Aerospace marked another significant milestone by inaugurating its MaxQ world headquarters in India. The move was accompanied by a sneak peek into the highly anticipated Vikram-1 Space orbital rocket, underscoring the company’s commitment to further advancement and innovation within the field of space technology.
