Spacetech startup Skyroot Aerospace has secured INR 225 Cr (approximately $27.5 Mn) in a Pre-Series C funding round led by Temasek.
Founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot builds space launch vehicles.
The freshly raised funds will be used to drive the next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities, Skyroot said in a statement.
Commenting on the funding, cofounder Chandana told Inc42, “After the successful suborbital launch of Vikram-S last year, we are now targeting our second launch mission in the early months of 2024 – this will also be our first orbital launch attempt of our 7 storeyed tall vehicle Vikram-1. Post that first launch we will be targeting more launches to increase cadence.”
The announcement comes just days after the spacetech startup unveiled its indigenously built rocket Vikram-I, a multi-stage launch vehicle that can carry payloads of up to 300 kg to low-earth orbits.
Additionally, earlier this month, it signed a MoU with the French earth observation constellation operator Prométhée Earth Intelligence to provide launch services aboard Vikram launch vehicles for their earth observation satellite constellation.
Last year, Skyroot created history by becoming the first private spacetech firm to have launched a rocket into space. It successfully launched its Vikram-S rocket from the Satish Dhawan Space Centre in Sriharikota.
So far, Skyroot has secured more than $90 Mn in funding. Also, in addition to Vikram-I, it is in the process of manufacturing Vikram-II and III. According to the spacetech startups, its rockets can be assembled and ready for launch within 24-72 hours depending on the rocket and the size of the payload. It also claims that its rockets can carry between 290 kg and 815 kg of payload, depending on the rocket’s size and the target orbit
In FY23, the spacetech startup’s net loss widened to INR 55.2 Cr from INR 23.7 Cr in the prior fiscal year.
The fundi.ng comes just weeks after spacetech startup Agnikul Cosmos raised INR 200 Cr ($26.7 Mn) in its Series B funding round to accelerate the commercialisation of its existing technologies and invest more in key facilities such as mobile launchpads.
Also, days back, yet another spacetech startup Manastu secured $3 Mn to develop a green propulsion system and help space organisations deal with the space debris issues.
According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the industry boasts over 150 startups that have collectively attracted upwards of $285 Mn in investment since 2014. The report also projects the market to balloon to $77 Bn by 2030, with a CAGR of 26%.
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