Skyroot secures $27.5 million in funding from Temasek

Skyroot Aerospace, a Hyderabad-based space startup, announced on Monday that it has secured $27.5 million in a funding round led by Singapore's Temasek, upping the ante in the country's burgeoning space industry days after rival Agnikul Cosmos raised a similar amount.

Skyroot Aerospace, known for launching India's first private rocket in 2022, is gearing up to unveil its second commercial rocket, named the Vikram-I, in 2024. This launch vehicle has the capability to transport payloads of up to 300 kilogrammes into low earth orbit.

Founded in 2018, Skyroot expressed that this latest fundraising round, which raised approximately Rs 225 crore, will significantly expedite their future launch plans. 

The infusion of funds is occurring in the backdrop of Agnikul Cosmos, another space startup, revealing its successful securing of $26.7 million in fresh funding as it prepares for its maiden rocket launch. 

Private space companies in India are witnessing increased interest and investment, partially spurred by the successful landing of an Indian spacecraft on the moon.

Skyroot Aerospace has now amassed $95 million in funding, while Agnikul Cosmos has gathered $40 million. Although Skyroot did not disclose the company's current valuation following this funding round, they conveyed their intentions to leverage this capital injection to accelerate their upcoming launches, slated for the next two years. 

Pawan Kumar Chandana, co-founder of Skyroot, highlighted the significance of India's Chandrayaan-3 moon mission's success in bolstering the private space industry within the country. Chandana previously stated in August that the company aims to conduct at least two launches per year starting in 2024.

Additionally, Skyroot recently entered into a memorandum of understanding (MoU) with French space firms such as Prométhée Earth Intelligence, ConnectSAT, and global entity Expleo. This agreement outlines plans for launching satellites and providing software support for their Vikram rocket launches. Financial details of these partnerships, backed by Singapore's sovereign wealth fund, GIC, were not disclosed by Skyroot.

(With Reuters Inputs)