Skyroot, an India-based spacetech startup has raised $51 million in its new funding round led by GIC, a Singapore sovereign fund.
- The fund will be used for expanding the aerospace startup talent teams, especially its engineering team, it claims.
- Founded in 2018, Skyroot builds rockets to help launch small satellites, towards designing and testing multiple rocket propulsion systems. It's in partnership with the Indian Space Research Organization (ISRO) to use its facilities and expertise.
- It has already test-fired its solid propulsion engine, named Kalam-5, which it will use its bigger version to power its rockets. Skyroot's Chief Executive and co-founder, Pawan Kumar Chandana says the funding round will enable the startup to develop all its initial launches and improve its infrastructure to meet satellite demands by customers.
- Mayank Rawat, GIC India Direct Investment Group Managing Director will now join Skyroot's board of directors as part of the investment deal. The spacetech startup had earlier raised funds from Myntra, Mukesh Bansal (Culfit), Anil Chalamalasetty (Greenko Group), Mahesh Kolli, Sherpalo Ventures, and Wami Capital among others.