Space-tech firm Skyroot raises $ 27.5 million in pre-Series C funding led by Temasek

NewsDrum Desk
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Hyderabad: Private space-tech company, Skyroot Aerospace on Monday said it has raised an additional USD 27.5 million (Rs 225 crore) in a pre-Series C funding round led by Temasek, a global investment company headquartered in Singapore.

A press release from the city-based firm said Skyroot plans to utilise the newly acquired capital to drive its next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top tier talent, and the enhancement of its launch frequency and capabilities.

The present capital infusion builds upon the company's previous raise in 2022, bringing its total funding to USD 95 million, which is the largest ever for an Indian space-tech startup.

In November 2022, Skyroot successfully launched India's and South Asia's first, and till date the only, privately developed rocket, marking Indian private space sector's entry into the space launch market.

Skyroot was the first startup to sign a MoU with the Indian Space Research Organisation (ISRO). The collaboration grants the company access to ISRO's cutting-edge facilities and unparalleled expertise.

Pawan Kumar Chandana, the co-founder and CEO of Skyroot, said as the firm prepares for the launch of its second mission early next year, the new funding will enable it to accelerate the upcoming launches planned over the next two years.

"India's successful moon landing mission has reignited global interest in India's space prowess. As a key player in India's private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite 'go-to' choice in space launch services for small satellites," he said.

Bharath Daka, the co-founder and COO of Skyroot, said "We are thrilled to welcome a globally renowned investor like Temasek putting their trust and joining us in this exhilarating phase of our journey. This fund-raise will help us to invest in the enhancement of our production infrastructure, R&D and team strength that will enable us to achieve higher launch cadence in the years to come."