Skyroot Aerospace, after the recent launch of its MaxQ facility in Hyderabad, today announced that it has secured a substantial boost to its growth ambitions, raising an additional USD 27.5 million in a pre-Series C funding round.
The investment was spearheaded by Temasek, a Singapore-based global investment company. The funding is slated to accelerate Skyroot’s expansion plans, fortify its technological expertise, attract top talent, and bolster its launch frequency and capabilities.
The private space launch vehicle company based in Hyderabad aims to maintain a lean and agile core team while embarking on this ambitious trajectory, according to a statement released today.
Skyroot Aerospace Ambitious Commercial Rocket Launch Growth Strategy Amplified with Fresh Funding
The recent capital injection serves as a significant milestone, building upon Skyroot’s earlier funding rounds, which have now cumulatively reached a substantial USD 95 million. This achievement marks a record for Indian space-tech startups, reflecting the escalating confidence and interest in the potential of the Indian private space industry.
A Brief History: Skyroot’s Rise in India’s Private Space Sector
Founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, two eminent space scientists-turned-entrepreneurs, the private space vehicle launch company has emerged as the forefront player in India’s private space sector. The company garnered attention in November 2022 by successfully launching the first privately developed rocket in India and South Asia, a landmark event that underlined the entry of the Indian private space sector into the competitive space launch market.
Skyroot’s Collaboration with ISRO and Transformative Rocket Technology
Skyroot Aerospace holds the distinction of being the first startup to enter into a Memorandum of Understanding (MoU) with the Indian Space Research Organization (ISRO). This collaboration has provided the startup access to ISRO’s state-of-the-art facilities and unparalleled expertise, fostering a unique synergy between the public and private sectors in India’s space exploration endeavors.
The company’s flagship Vikram series of rockets has been meticulously designed to facilitate the efficient and reliable deployment of small and medium-sized satellites into space, positioning Skyroot as a transformative force in India’s space launch capabilities.
Co-founders’ Vision for Future Launches and Global Space Dominance
Pawan Kumar Chandana, Co-founder, and CEO of Skyroot, emphasized the strategic significance of the recent funding round, highlighting the company’s imminent plans for multiple launches over the next two years. With global interest in India’s space capabilities on the rise, Chandana emphasized the company’s goal to establish itself as a favored choice for space launch services, particularly for small satellites, in the expanding global satellite market.
Bharath Daka, Co-founder, and COO of Skyroot, expressed his enthusiasm for the partnership with Temasek, emphasizing the company’s intent to channel the funds into bolstering production infrastructure, research and development, and team expansion. Daka’s vision reflects Skyroot’s dedication to achieving a higher launch cadence in the coming years, solidifying its position as a key player in the global space industry.