Indian Space-tech firm Skyroot Aerospace raises Rs 225 Cr in pre-Series C funding

India’s private space sector is taking to the sky and flying high. Skyroot Aerospace, a pioneering Indian spacetech startup, has achieved a major financial milestone by raising Rs 225 crore, equivalent to approximately $27.5 million, in a pre-Series C funding round. This round was spearheaded by the Singapore-based investment firm, Temasek.

Excited to announce that @SkyrootA has secured 225 crore INR (27.5M$) in a pre-Series C round led by @Temasek. We are grateful for the trust of global investment giants in our mission to #OpenSpaceForAll. This new capital propels us into commercial satellite launches, fuels tech… pic.twitter.com/k8ebeRK4sn

— Skyroot Aerospace (@SkyrootA) October 30, 2023

This significant achievement comes on the heels of Skyroot Aerospace’s recent unveiling of its innovative Vikram-I launch vehicle. The company has been making waves in the space sector with its series of innovative launch vehicles, namely Vikram I, II, and III.

These spacecraft are purposefully designed to transport payloads ranging from 200 kg to 700 kg into low Earth orbit, addressing the surging demand for efficient and cost-effective space launches.

The fresh infusion of capital will empower Skyroot Aerospace to expedite its commercial satellite launches, drive advancements in technology, attract top-tier talent, and enhance both the frequency and capabilities of its launch missions.

This funding is particularly timely, given the company’s recent historic achievement with the successful launch of Vikram-S, India’s first privately developed rocket.

The investment also highlights the growing confidence of global investors in India’s rapidly burgeoning space sector. With over 100 unicorn companies, India is swiftly emerging as a hub for high-value startups.

Established in 2018 by space scientists turned entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace envisions “Opening Space For All” by democratizing access to space and nurturing innovation in the industry. This latest funding round propels them one step closer to realizing their visionary mission.

Pawan Kumar Chandana, Co-founder, and CEO, expressed, “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.”

This pre-Series C funding round builds upon Skyroot Aerospace’s previous success in securing $50.5 million in a Series B round in September 2022.

(With input from agencies)