GIC-backed Skyroot Aerospace on Monday said it has raised $27.5 million (Rs 225 crore) in a pre-Series C funding round led by Singapore state investor Temasek amid strong investor interest in spacetech startups.
Founded by former Indian Space Research Organisation (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka in 2018, Skyroot launched Vikram-S, a series of modular space launch vehicles specially crafted for the small satellite market, in November last year, marking the private sector’s foray into space.
The rocket, named after Dr Vikram Sarabhai, founder of the Indian space programme, lifted off from ISRO’s Sriharikota spaceport last year. India’s space segment was thrown open to private players in 2020. Earlier, access to space was limited to very few government enterprises in the country.
Currently, Skyroot is in the process of building the Vikram series of rockets as it looks to hurl small satellites into space.
“The new capital propels us into commercial satellite launches, fuels tech innovation, attracts top talent, and amps up our launch frequency and capabilities,” the company said in a LinkedIn post.
“This new funding will enable us to accelerate our upcoming launches planned over the next two years even as we prepare for the launch of our second mission early next year. India’s successful moon landing mission has reignited global interest in our space prowess,” said Pawan Kumar Chandana, co-founder and CEO of Skyroot.
In April, DealStreetAsia reported that Skyroot Aerospace was in advanced talks to raise funding from Temasek.
The company raised a whopping $51 million in its Series B round in September 2022 led by GIC.
According to Tracxn, the total funding in Indian spacetech startups increased to $112.2 million in 2022 from $91.5 million in 2021. From just 11 in 2019, there are currently over 100 spacetech startups, as per the Economic Survey 2022. The year 2021 alone saw 47 spacetech startups emerge from India and around 56 in 2022.
Other fundraisings by spacetech startups include SatSure, a satellite Earth observation data and analytics company that raised $15 million in a funding round led by Baring Private Equity Partners India and Prosmus Ventures.
Earlier, Peak XV Partners, formerly known as Sequoia Capital India & Southeast Asia, invested $10 million in Indian space tech firm Digantara in June, while Pixxel raised $36 million in a Series B funding round from Google and other existing investors.