Indian space-tech company Skyroot Aerospace has secured $27.5 million in a pre-Series C funding round, primarily led by Singaporean investment firm Temasek. The latest funding has brought the total investment in the company to $95 million. Skyroot Aerospace, established in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, rose to prominence after launching India’s and South Asia’s first privately developed rocket. The company provides cost-effective space launch services to the global small and medium-sized satellite markets.
Pawan Kumar Chandana, the co-founder, and CEO of Skyroot Aerospace stated that the funds will be instrumental in accelerating their upcoming launches over the next two years. Chandana has been recognized as a pioneer in India’s private space-tech sector and is committed to building a formidable global space-tech enterprise in India.
India’s Emergence as a Space-Tech Power
Chandana attributes India’s rapid growth in space-tech startups to the formulation of India’s Space Policy, which opened the sector to non-government entities (NGEs). The government established the Indian National Space Promotion and Authorization Centre (IN-SPACe) as a single-window agency for the promotion and authorization of space activities, providing a robust policy framework. He noted that having an independent authorization agency has facilitated business and investment.
Chandana explained that before the policy was in place, raising capital for space-tech startups was significantly more challenging. The policy created an environment of trust that attracted investors to the sector. Furthermore, India’s robust space ecosystem, developed over 60 years, played a crucial role in supporting these startups.
Skyroot Aerospace’s Growth and Vision
In the early stages, Chandana acknowledged that fundraising was a challenging and time-consuming task, taking up around 50% of their efforts. As the space policy came into effect, fundraising became easier, and questions shifted toward scale and growth.
The new funding will be deployed to enhance infrastructure, space technology investments, talent acquisition, and the frequency and capabilities of space launches. Skyroot Aerospace aims to contribute to India’s rise as a global leader in space technology and innovation.
With the global space-tech market valued at approximately $400 billion, India’s current 2% share presents significant potential for growth. Skyroot Aerospace has already achieved notable milestones, such as sending India’s first privately developed rocket, Vikram-S, into space last year. The company is now gearing up for its first orbital space launch in Q1 2024 using the newly unveiled multi-stage launch-vehicle Vikram-1, which can carry payloads of around 300 kg and deploy satellites in lower Earth orbit (LEO).
Skyroot Aerospace’s innovative approach, in conjunction with India’s supportive policy environment, continues to propel the country’s standing in the space-tech sector, positioning it as a formidable player in the global space industry.
