In the Series A funding, Skyroot Aerospace raises USD 11million with intentions that by mid-2022 Vikram-I will be on launch pad
Indian space start-up Skyroot Aerospace raises USD11 million in its series A round of funding, which is about 10 times the raise in 2018. Then, the USD 1.5 million was by space rocket manufacturing moguls, Pawan Kumar Chandana, and Naga Bharath Daka.
“We expect to raise USD 40million additional to fund our assertive expansion strategies over the next few years,” says Daka. He is the co-founder and chief operating officer (COO) of Skyroot. The company is based out of Hyderabad. The series A quantity will be utilized for its space rocket course and securing their leading vehicle, Vikram-1, off the base.
However, Skyroot Aerospace is not the lone space start-up collecting recent funding. Chennai-based Agnikul Cosmos also manages to raise funds worth $11 million in their Series A round of funding. It is the leading investment opportunity in the space start-up event for both of them following the Indian government opening up the sector to private players. This is in implementation for less than a year.
According to Chandana, Skyroot Aerospace’s statement was long incomplete however, the crew was anticipating for the COVID-19 condition to become relatively better. “We had additional time for layout which assisted in boosting our vehicle. Also, results in considerable cost and time savings,” he says.
Skyroot Aerospace’s Series A was run by Greenko Group creators Anil Kumar Chalamalasetty and Mahesh Kolli. Both will currently also be on the start-up’s panel of directors alongside Solar Group, the main space, and defense contractor.
Other noteworthy investors also include the following:
- Former WhatsApp global business chief Neeraj Arora
- Myntra and CureFit founder Mukesh Bansal — who is also the original investor from 2018 — Graph Ventures
- Worldquant Ventures
The COVID-19 pandemic and the accompanying lockdowns were a concern for Agnikul Cosmos. “Due to the COVID-19 condition, there has been a little interruption however, we are considering releasing our first operation in the subsequent half of next year,” says Srinath Ravichandran. He is co-founder and chief executive officer (CEO) of Agnikul Cosmos.
The start-up test-fired the earth’s first 3D printed space rocket engine Agnilet previously this year. And it plans on performing more such tests later on this year.
Its series A round of financing was led by Mayfield India. Angel investors including the below also share their hat in the ring:
- Anand Mahindra
- Naval Ravikant
- Nithin Kamath
- Balaji Srinivasan
The start-up raises USD 3.1 million in March 2020 in its pre-Series A funding series.