Indian spacetech startup Skyroot Aerospace saw its standalone net loss widen to INR 55.2 Cr in the financial year 2022-23 (FY23) from INR 23.7 Cr in the prior fiscal year, hurt by a sharp surge in its expenses.
Meanwhile, Skyroot’s operating revenue rose to INR 44 Lakh in FY23 from INR 1.5 Lakh in the previous year. Including interest income, the startup’s total revenue jumped over 3,000% to INR 7.6 Cr from INR 20 Lakh in FY22.
Founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot builds space launch vehicles. It was the first private company in the country to launch a rocket into space in November 2022.
The commercial spacetech industry in India is currently in its nascent stage. Hence, Skyroot and other spacetech startups are largely dedicated to R&D, which also forms a big portion of their expenses.
Skyroot spent INR 12.4 Cr on R&D during the year under review, a rise from INR 9.1 Cr in FY22. This also included a grant amount of INR 69 Lakh received in FY23.
R&D expenses contributed almost 20% to the startup’s total expenses of INR 62.9 Cr in FY23. Total expenses stood at INR 23.9 Cr in FY22.
Skyroot’s total income was a mere 12% of total expenses in FY23.
On the other hand, the company’s employee benefit expenses more than doubled to INR 16.5 Cr during the year under review from almost INR 8 Cr in FY22.
Skyroot also paid professional and consultancy charges of INR 15.7 Cr in FY23, up 18X year-on-year (YoY).
At the end of FY23, the startup’s cash balance stood at INR 14.2 Cr as against INR 53.3 Cr a year ago.
Skyroot last raised $51 Mn (over INR 400 Cr) in its Series B funding round led by Singapore’s sovereign in September 2022. The startup is also backed by the likes of WorldQuant Ventures, Graph Ventures, and Meraki Labs.
Over the last few years, a number of spacetech startups have sprung up in the country. These startups are trying to grab a share of the $731.8 Bn global spacetech market by 2030, which is projected to grow at a CAGR of 7.5% between 2023 and 2030.
Meanwhile, with increasing interest from investors, over 150 spacetech startups secured more than $285 Mn in funding between 2014 and 2023, as per Inc42’s report.
The post Skyroot Aerospace’s FY23 Net Loss Jumps Over 2X To INR 55 Cr appeared first on Inc42 Media.
