_&_Naga_Bharath_Daka_(left)-For_Newswire-1.jpg) |
| Skyroot founders Pawan Kumar Chandana (right) & Naga Bharath Daka (left) (Photo: Business Wire) |
HYDERABAD, India, Sept 6 (Bernama-BUSINESS WIRE) -- Space-tech startup Skyroot Aerospace from India, successfully raised US$51 million Series-B funding round led by GIC, a leading global investment firm. This is the largest funding round ever in the Indian private Space-Tech sector, which validates Skyroot’s strengths in space technology and helps meet the burgeoning demand from the international small satellite markets.
As part of the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board.
“This round puts us in a trajectory of hyper-growth by funding all of our initial launches, and enables building infrastructure to meet high launch cadence required by our satellite customers. Our goal is to become the best-in-class launch services provider and go-to destination for affordable and reliable small satellite launches,” said Pawan Kumar Chandana, Co-Founder and CEO, Skyroot.
“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22. We are also planning a demonstrator launch this year. This round will help us get to full-fledged commercial satellite launch scale within a year. We have started booking payload slots for our upcoming launches,” said Naga Bharath Daka, Co-Founder and COO, Skyroot.
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