This latest infusion of capital is a significant milestone for Skyroot, as it builds upon their earlier fundraising efforts in 2022. The cumulative funds raised now amount to an impressive USD 95 million, marking a historic achievement for an Indian space technology startup.
Located in Hyderabad, the company holds a unique distinction as the leading private space launch vehicle company in the country. Established in 2018 by space scientists turned entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka, the company has rapidly emerged as a trailblazer in the industry. In November 2022, Skyroot Aerospace made history by successfully launching India’s and South Asia’s first privately developed rocket, marking a significant milestone for India’s private space sector. As pioneers in designing and constructing small and medium space launch vehicles in India’s private sector, the company provides cost-effective, reliable, and on-demand space launch services. This addresses the growing demand from global satellite operators looking to deploy single or constellations of satellites across various orbits.
Skyroot’s forward-looking approach is evident in their memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO). This collaboration grants the company access to ISRO’s state-of-the-art facilities and unparalleled expertise, positioning them as a transformative force in India’s space launch capabilities. The Vikram series of rockets, tailored for efficient and reliable deployment of small and medium-sized satellites into space, promises to be a game-changer in the industry.
Pawan Kumar Chandana, the Co-founder and CEO of Skyroot, emphasized the significance of the recent funding round. He articulated, “As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years. India’s successful moon landing mission has reignited global interest in India’s space prowess. As a key player in India’s private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite ‘go-to’ choice in space launch services for small satellites.”
Bharath Daka, the Co-founder and COO of Skyroot, echoed this sentiment, stating, “This fund-raise will help us to invest in the enhancement of our production infrastructure, R&D, and team strength that will enable us to achieve higher launch cadence in the years to come.”
It has been reported previously, the Hyderabad based company has entered into two significant agreements for their upcoming Vikram 1 orbital launch and other Vikram missions. The first agreement is with Prométhée Earth Intelligence, a French company operating an earth observation constellation. Skyroot is set to provide satellite launch services for Prométhée’s JAPETUS earth observation constellation utilizing their Vikram rockets.
The second agreement is a trilateral deal involving Expleo and ConnectSAT. Under this arrangement, Expleo will supply reconfigurable software for ConnectSAT’s IoT Satellite, which is scheduled for launch on the Vikram-I rocket as part of the OSIRIS satellite constellation.
These agreements underscore the company’s commitment to innovation, collaboration, and serving a global clientele with reliable and efficient space launch solutions. As they continue to push the boundaries of what’s possible in the private space sector, the world watches with anticipation, recognizing that Skyroot Aerospace is a prominent player in the evolving landscape of space technology.
