SPACE TECHNOLOGY START-UP Skyroot Aerospace has recently created a flutter by raising $51 million, or ₹403 crore, in Series-B financing led by Singapore’s long-term investment fund GIC. This is the largest funding for a start-up in the segment. It will help the small launch vehicle or rocket manufacturer boost its capabilities and tap into the $469-billion global space economy.
Founded in 2018 by former ISRO engineers Pawan Kumar Chandana and Naga Bharath Daka, Skyroot plans to cater to the burgeoning demand from the international small-satellite market. “This round puts us on a trajectory of hypergrowth by funding all of our initial developmental launches and enables building infrastructure to meet the high launch cadence required by our satellite customers,” says Chandana, also the CEO of the Hyderabad-headquartered firm.
This story is from the October 02, 2022 edition of Business Today India.
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This story is from the October 02, 2022 edition of Business Today India.
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