Spacetech startup Skyroot Aerospace has raised $50.3 million (INR 403 Cr) in its Series B funding round led by GIC. Singapore’s sovereign wealth fund GIC has injected capital into Skyroot Aerospace through Waverly Pte Ltd.
Following the fund raise, Managing Director of GIC India Direct Investment Group, Mayank Rawat will be joining Skyroot’s Board. Rothschild & Co India were the financial advisors for the funding round.
Asset management company LNM India also participated in the funding round. With this funding, Skyroot has secured a total of $67.3 million to date.
In January, Skyroot raised $4.5 million in bridge funding from investors — Sherpalo Ventures, Wami Capital, Neeraj Arora and Amit Singhal. It has previously raised $11 million in a Series A funding round and $1.5 million in seed funding.
In addition to the funding, Skyroot also expanded its ESOP pool to 15,223 stock options from 12,223 options following the dissolution of the Advisory Stock Option Pool (ASOP).
Founded in 2018 by former ISRO engineers Pawan Kumar Chandana and Naga Bharat Daka, Skyroot primarily manufactures space launch vehicles. It claims to employ more than 100 rocket propulsion engineers.
Skyroot is the first startup to sign an MoU with ISRO to leverage its expertise and facilities. It previously built a cryogenic engine test stand and explored the engine at Solar Industries’ rocket propulsion test facility.
Its cap table includes the founders of Greenko, Solar Industries India, WorldQuant Ventures, Graph Ventures and Meraki Labs, among others.
In 2020, Skyroot has become the first domestic startup to test an upper-stage rocket engine called Kalam-5. In the space sector, it faces competition from the likes of Agnikul, Dhruva Space and Pixxel.
Pawan Kumar Chandana, Co-founder and CEO of Skyroot, said, “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.”
Naga Bharath Daka, Co-founder and COO of Skyroot Aerospace, said, “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 this year. We are also planning a demonstrator launch to space this year.”
According to reports, India’s space technology industry is likely to offer a market opportunity of $77 billion by 2030.