Home » National » Space Tech Firm Skyroot Raises 27 5 Million In Pre Series C Funding Led By Temasek

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

In November 2022, Skyroot successfully launched India's and South Asia's first — and till date the only — privately-developed rocket.

ByPTI

Published Oct 30, 2023 | 11:10 PM ⚊UpdatedOct 30, 2023 | 11:10 PM

Skyroot Aerospace. (X)

Private space-tech company Skyroot Aerospace, on Monday, 30 November, said that it has raised an additional $27.5 million (₹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 that 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 $95 million, which is the largest ever for an Indian space-tech start-up.

Excited to announce that @SkyrootA has secured 225 crore INR (27.5M$) in a pre-Series C round led by @Temasek. We are grateful for the trust of global investment giants in our mission to #OpenSpaceForAll. This new capital propels us into commercial satellite launches, fuels tech… pic.twitter.com/k8ebeRK4sn

— Skyroot Aerospace (@SkyrootA) October 30, 2023

Related: Skyroot Aerospace to launch 1st private rocket in India

India’s first privately-developed rocket

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

Skyroot was the first start-up to sign an 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, Co-founder and CEO of Skyroot, said that 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, 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.”

He added, “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.”

(Disclaimer: The headline, subheads, and intro of this report along with the photos may have been reworked by South First. The rest of the content is from a syndicated feed, and has been edited for style.)