India Space-tech startup, Skyroot Aerospace has raised $51 million in its latest funding round, led by Singapore’s sovereign fund, GIC.
The company said it would use the funds to expand the
headcount across its engineering team.
Founded in 2018, Skyroot builds rockets to help launch small
satellites, as it designs and tests multiple rocket propulsion systems.
Skyroot was one of the first startups to sign a memorandum
of understanding (MoU) with the Indian Space Research Organization (ISRO) for
sharing the latter’s facilities and expertise.
Skyroot is building the Vikram series of rockets to hurl
small satellites into space.
The startup has already test-fired its solid propulsion
rocket engine, named Kalam-5, whose bigger version will power its rockets.
“This round puts us on a trajectory of hyper-growth by
funding all of our initial developmental launches and enables building
infrastructure to meet high launch cadence required by our satellite
customers,” said Pawan Kumar Chandana, cofounder and chief executive of
Skyroot.
According to the company, the Vikram series rockets can
launch up to 800 kg payloads into Low Earth Orbit (LEO).
As part of the transaction, Mayank Rawat, managing director
of GIC India Direct Investment Group, will join Skyroot’s board of directors.
Skyroot was previously backed by the likes of Myntra and
Cultfit founder Mukesh Bansal, Greenko Group founders, Anil Chalamalasetty and
Mahesh Kolli, Sherpalo Ventures, and Wami Capital, among others.
Agnikul Cosmos and Bellatrix Aerospace are among other
rocket startups in India looking to launch small satellites into space.
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