Spacetech startup, Skyroot Aerospace has raised $51 million in Series-B financing round led by GIC, making it the largest funding round in the nascent sector. The company uses additive manufacturing for research and production of components for aerospace.
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Post the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will be joining the board of Skyroot.
The four-year-old startup built and tested the country’s first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines, using advanced composite and 3D-printing technologies in its product development.
“This round will help us get to full-fledged commercial satellite launch scale within a year from now. We have started booking payload slots for our upcoming launches,” Naga Bharath Daka, Co-Founder and COO of Skyroot, said.
The startup is promoting the country’s first privately developed space launch vehicles. The Vikram series of launch vehicles is named after Vikram Sarabhai, the Father of India’s space programme. Built with an all-carbon-fiber structure, they can launch up to 800 kg of payloads to Low Earth Orbit (LEO).
About Skyroot Aerospace
Skyroot Aerospace Private Limited is an Indian private aerospace manufacturer and commercial launch service provider headquartered in Hyderabad. The company was founded by former engineers and scientists from ISRO. It aims to develop and launch its own series of small lift launch vehicles especially crafted for the small satellite market. Skyroot Aerospace was formed in July 2018 by former Indian Space Research Organisation scientists Pawan Kumar Chandana, Naga Bharath Daka through the support of Vasudevan Gnanagandhi as well as a small group of entrepreneurs including CureFit founders Mukesh Bansal and Ankit Nagor. Skyroot has initially raised $4.3 million, including from space and defence contractor Solar Industries.
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