Hyderabad 2 Sep : In what’s being described as the largest round of funding ever in the Indian space-tech industry, Skyroot Aerospace, a Hyderabad-based company, has obtained the sum of US$51 million (Rs 403 crore).Skyroot is planning to meet the increasing demands of the international small satellite market.
Skyroot is the first Indian company to launch privately-developed space launch vehicle.
The most famous of the Vikram series of launch vehicles, named in honour of the man who was the founder of India’s space program – Dr.Vikram Sarabhai.
Vikram Series rockets are unique in that they are constructed with carbon-fiber composite structure that capable of launching up to 800kg of payloads into Low Earth Orbit (LEO).
The latest round of funding follows the Indian government’s major push towards the space industry by opening it to private sector companies, including startups and encouraging private investment into the space sector.
GIC is among the most seasoned investors in India was the lead investor in the round of funding.
Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board Skyroot announced on Friday.
“This round sets us on a path of growth through the funding of the entirety of our initial development launches, and allows us to build infrastructure that can meet the high launch frequency demanded by our satellite clients,” said Pawan Kumar Chandana, co-founder and Chief Executive Officer of Skyroot.
The four-year-old Skyroot has built and successfully tested India’s very first privately developed cryogenic, hypergolic-liquid, as well as solid fuel-based rocket engines.
The new money will be used to expand the space engineering team that currently has around 200 employees with experience in the space industry.
“We have tested the three propulsion techniques in our Vikram space launch vehicles and have completed a full-length testing of one of our rocket stages in May 22nd.We’re also planning a demonstration launch into space later this year.This will allow us to achieve a commercial satellite launch size within one year’s time.We have begun making reservations for payload slots for our coming launch,” explained Naga Bharath Daka.co-founder and COO of Skyroot.
Skyroot has signed an MoU with the Indian Space Research Organisation (ISRO) to share facilities and knowledge.
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