HYDERABAD, India–(BUSINESS WIRE)– Space-tech startup Skyroot Aerospace uit India heeft met succes een Series-B-financieringsronde van 51 miljoen dollar opgehaald onder leiding van GIC, een toonaangevende wereldwijde investeringsmaatschappij. Dit is de grootste financieringsronde ooit in de Indiase private Space-Tech-sector, die de sterke punten van Skyroot op het gebied van ruimtetechnologie bevestigt en helpt te voldoen aan de snelgroeiende vraag van de internationale kleine satellietmarkten.

Als onderdeel van de investering zal Mayank Rawat, Managing Director van GIC India Direct Investment Group, toetreden tot de raad van bestuur van Skyroot.

“Deze ronde plaatst ons in een traject van hypergroei door al onze eerste lanceringen te financieren, en stelt ons in staat infrastructuur te bouwen om te voldoen aan de hoge lanceerfrequentie die onze satellietklanten nodig hebben. Ons doel is om de best-in-class aanbieder van lanceringsdiensten en de beste bestemming te worden voor betaalbare en betrouwbare lanceringen van kleine satellieten”, zegt Pawan Kumar Chandana, medeoprichter en CEO van Skyroot.

Skyroot Aerospace Raises $51 Million Led by GIC to Propel the New Future of Small Satellite Launches

HYDERABAD, India–(BUSINESS WIRE)– Space-tech startup Skyroot Aerospace from India, successfully raised US$51 million Series-B funding round led by GIC, a leading global investment firm. This is the largest funding round ever in the Indian private Space-Tech sector, which validates Skyroot’s strengths in space technology and helps meet the burgeoning demand from the international small satellite markets.

Skyroot founders Pawan Kumar Chandana (right) & Naga Bharath Daka (left) (Photo: Business Wire)

As part of the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board.

“This round puts us in a trajectory of hyper-growth by funding all of our initial launches, and enables building infrastructure to meet high launch cadence required by our satellite customers. Our goal is to become the best-in-class launch services provider and go-to destination for affordable and reliable small satellite launches,” said Pawan Kumar Chandana, Co-Founder and CEO, Skyroot.

“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22. We are also planning a demonstrator launch this year. This round will help us get to full-fledged commercial satellite launch scale within a year. We have started booking payload slots for our upcoming launches,” said Naga Bharath Daka, Co-Founder and COO, Skyroot.

Critical steps in the development of Skyroot’s space launch vehicles have been accomplished. The flagship Vikram Launch Vehicle series is uniquely built with an all-carbon-fiber structure, and can launch up to 800 kg of payloads to Low Earth Orbit.

With a strong tech team of 1000+ years cumulative rocket industry experience, Skyroot is envisioning a world where space flight is as affordable, regular, and reliable as air flight. Skyroot is the first startup to sign an MoU with the ISRO for sharing facilities and expertise.

The 4-year-old Skyroot has successfully built and tested India’s first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines; the R&D and production activities extensively use advanced composite and 3D-printing technologies.

The global space launch services market is projected to grow from $14.21 billion in 2022 to $31.90 billion by 2029, at a CAGR of 12.25%.

About Skyroot: www.skyroot.in
About GIC: www.gic.com.sg

Contacts

Contact for Skyroot: Sheela Panicker | +91 984 980 9594

Customer contact: payloads@skyroot.in

Contacts for GIC
Mah Lay Choon | +65 6889 6841 | mahlaychoon@gic.com.sg
Toh Chuan Ting |+65 6889 8839 | tohchuanting@gic.com.sg