Spacetech startup Skyroot raises $51-M from GIC

Hyderabad-based startup Skyroot Aerospace Pvt Ltd has raised USD 51 million in a funding round led by Singapore sovereign investor GIC. The company plans to use the funds to launch commercial satellites by the middle of next year. GIC's India managing director, Mayank Rawat, will join Skyroot's board. Skyroot is engaged in launching privately developed space launch vehicles - built with an all-carbon fibre structure that can launch up to 800 kg (1,760 pounds) of payloads to low-Earth orbits. It has tied up with the state-run Indian Space Research Organisation (ISRO) for sharing facilities and expertise. The company was founded in 2018 by former engineers and scientists from ISRO.