SpaceTech startup Skyroot Aerospace, India’s first space launch vehicle startup developing launch vehicles for cost-effective access to space, raised US$ 11 million in its series A round of funding on 19 May 2021.
Investors: The Series A funding round was led by Greenko Group founders Anil Kumar Chalamalasetty and Mahesh Kolli. They will join the startup’s board of directors along with Solar Group, a major space and defence supplier. Other participants in the round include former WhatsApp global business chief Neeraj Arora, Myntra and CureFit founder Mukesh Bansal, Graph Ventures and Worldquant Ventures. The company raised more than 10 times the US$ 1.5 million it had raised in 2018.
Purpose of the funding: The funds raised will be utilized by the company for its rocket programme and getting their flagship vehicle, Vikram-1, off the ground.
About Skyroot Aerospace
Founded in 2018 by Naga Bharath Daka and Pawan Kumar Chandana, Skyroot Aerospace is building technologies for responsive, reliable and economic access to space. It believes that a new space age is emerging and the extraordinary opportunities in space depend on the transportation systems from Earth to Space. Skyroot envisions a future where spaceflight is as regular, reliable and affordable as airflight.
What the founders have to say: “We intend to raise US$ 40 million more to fund our aggressive growth plans over the next few years.” Naga Bharath Daka, co-founder and chief operating officer (COO) of Skyroot.
“Skyroot Aerospace’s announcement was long pending but the team was waiting for the COVID-19 situation to become comparatively better. We had more time for design which helped in optimising our vehicle and resulted in significant cost and time savings.” – Pawan Kumar Chandana.
The India SpaceTech is showing great potential. Chennai-based Agnikul Cosmos also raised US$ 11 million in their Series A round of funding. This was the largest investment in the space startup scene for the startups after the Indian government opened up the sector to private participation last year. “Due to the COVID-19 situation, there have been a few delays but we are looking to launch our first mission in the second half of next year.” — Srinath Ravichandran, CEO of Agnikul Cosmos.
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