Space-tech co. Skyroot looks to raise $200-M at $2-B valuation

Hyderabad-based space-tech company Skyroot is looking to raise USD 200 million in a new funding round at a valuation of USD 2 Billion. The firm has invited interested investors to submit bids to participate in the round. Existing backers, including GIC and Temasek, along with 360 One Asset, are reportedly considering participation. Kotak is advising the firm on this fundraising process.Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, the firm develops modular launch vehicles for the global small satellite market. The company operates a 2 lakh sq ft facility in Hyderabad, which has the capacity to manufacture one orbital rocket every month.The new capital will support the company’s expansion and the development of its launch vehicle portfolio, including the upgraded Vikram-1U and the one-tonne-class Vikram-2. The planned fundraise follows a period of growth for the firm, which recently became the first private Indian company to inject customer payloads into Earth’s orbit using its Vikram-1 launch vehicle.