Skyroot Aerospace, a four-year-old business in the space tech industry, has raised $51 million in a Series-B fundraising round. The company asserts that this is the largest fundraising round in Indian space technology history.
GIC, a renowned international investment firm with its headquarters in Singapore, took the lead in the funding round.
Skyroot will utilize the money to increase the size of its close to 200-person space engineering team.
According to Naga Bharath Daka, co-founder and COO of Skyroot, the money will also assist the business in reaching a full-fledged commercial satellite launch scale within the next year. It has already begun reserving payload spots for subsequent launches, he continued.
According to Skyroot, the country’s first privately manufactured space launch vehicle will be called Dr.Vikram Sarabhai in honor of the country’s space program’s founder. According to the manufacturer, the Vikram Series rockets have an all-carbon fiber structure and are capable of launching up to 800 kg of payloads into Low Earth Orbit (LEO).
The Indian Space Research Organisation (ISRO) and Skyroot have signed a Memorandum of Understanding (MoU) to share resources and expertise.
Pawan Kumar Chandana, co-founder, and CEO of Skyroot stated, “Our mission is to position ourselves as a provider of best-in-class rocket launch services and the go-to destination for inexpensive and dependable small satellite launches”.
The global market for space launch services is anticipated to increase at a CAGR of 12.25% from $14.21 billion in 2022 to $31.90 billion in 2029.