PE Fund Investments
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.
From the Venture Intelligence PE-VC Deal Database: Between May 2021 and Jan 2022, Skyroot had raised over USD 12 M from Sherpalo Ventures, Worldquant Ventures and Graph Ventures and others. Angel investors in the company include Neeraj Arora, Mukesh Bansal, Amit Singhal and Wami Capital.
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