Telangana-Based Skyroot Raises 51USD Million
Highest-Ever Funding For Indian Space-Tech Startup! Telangana-Based Skyroot Raises $51 Million
(-Written by Mumtaz Afrin): - Skyroot Aerospace, based in Kondapur, has successfully raised $51 million, or Rs 403 crore, through a Series-B financing round, marking a significant accomplishment for the nation's nascent commercial space startup sector. This is by far the largest fundraising round ever in India's space technology sector, and it is being led by the long-term investment company GIC, which has its headquarters in Singapore.
By increasing its launch vehicle capabilities, Skyroot will be better able to participate in the rapidly growing global space industry, which was estimated to be worth $469 billion in 2021. Moreover, a recent study predicts that the market for space launch services would increase at a CAGR of 12.25 per cent, from $14.21 billion in 2022 to $31.90 billion in 2029.
The business, which was established in 2018 by former ISRO engineers Pawan Kumar Chandana and Naga Bharat Daka, aims to meet the growing demand from the global small satellite industry.
Co-founder and CEO of Skyroot, Pawan Kumar Chandana, told Business Today that the transaction "puts us on a trajectory of hyper-growth by funding all of our initial developmental launches and permits constructing infrastructure to match high launch cadence demanded by our satellite customers."
The flagship Vikram series of launch vehicles, named after Dr. Vikram Sarabhai, the father of India's space programme, is currently being developed by Skyroot's 200-person team. Built with an all-carbon fibre structure, the Vikram series rockets are capable of carrying up to 800 kg payloads to the Low Earth Orbit.
"We completed a full duration test of one of our rocket stages in May of this year, and we have validated all three propulsion systems in our Vikram space launch vehicles. This year, we are also intending to launch a demonstration into orbit, said Naga Bharat Daka, co-founder and chief operating officer of the business.
The most recent fundraising round, according to Daka, will assist them in acquiring a fully functional commercial satellite launch scale within a year, and the business has already begun reserving payload spots for subsequent launches.
India's first privately produced cryogenic, hypergolic-liquid, and solid fuel rocket engines were successfully constructed and tested by the four-year-old Skyroot. Advanced composite and 3D printing technologies are heavily utilised in R&D and production activities.
In 2021, Skyroot became the first space technology startup to form an MoU with the national space agency, the Indian Space Research Organisation (ISRO) for exchanging facilities and knowledge.
According to the corporation, the investment confirms Skyroot's technological advantages and increases its capacity to capitalise on trillion-dollar space business potential. The business intends to satiate the expanding demand from the global small satellite market.
"We are honoured to welcome one of the top institutional investors in the world as a committed associate in our effort to 'Open Space for All. By funding all of our initial developmental launches, this investment sets us on a trajectory of hyper-growth and makes it possible to create the infrastructure needed to fulfil the high launch cadence demanded by our satellite clients. Our mission is to position ourselves as a provider of best-in-class rocket launch services and the go-to destination for inexpensive and reliable small satellite launches,” says Pawan Kumar Chandana, Co-Founder and CEO of Skyroot.
India's first privately manufactured space launch vehicles were developed by Skyroot, the first company to sign an MoU with the Indian Space Research Organisation (ISRO) for the purpose of pooling resources and expertise. According to the business, the flagship Vikram series of launch vehicles, named after Dr. Vikram Sarabhai, the man who started India's space programme, are specially constructed with an all-carbon-fibre frame and can carry up to 800 kg of payloads into low earth orbit (LEO).
"We accomplished a full duration test of one of our rocket stages in May'22 and have certified all three propulsion systems in our Vikram space launch vehicles. This year, we're also intending to launch a demonstration into space. Within a year, this round will assist us in reaching a full-fledged commercial satellite launch scale. For our next launches, we have already begun to reserve payload spaces, says Skyroot co-founder and COO Naga Bharath Daka.