Skyroot Aerospace funding
Hyderabad-based spacetech startup Skyroot Aerospace announced that it has raised $11 million in a Series A funding round led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli, along with participation from the Solar Group and former WhatsApp CBO Neeraj Arora.
Existing investors Mukesh Bansal, Founder of Myntra & CureFit; Worldquant Ventures, Graph Ventures, Sutton Capital, Vedanshu Investments, and a few other angel investors also participated in the round.
According to an official statement, Anil, Mahesh, and Solar Group will be joining Skyroot’s board of directors as a part of this deal.
Pawan Kumar Chandana, Co-founder and CEO said, “We will be using the funds to grow our team and complete full development of Vikram-1, which involves qualification of over 100 systems which will eventually work together to build the entire launch vehicle.”
Established in 2018, by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace is creating privately built space launch vehicles. Its chief product, Vikram series — named after ISRO founder Dr. Vikram Sarabhai — includes three launch vehicles developed primarily for launching small satellites.
The startup also disclosed its intentions to raise an extra $40 million to finance its growth plans over the next few years.
In a statement, Naga Bharath Daka, co-founder and COO said, “This round adds more fuel to our rocket program and will support in completing development and testing of all subsystems of our first launch vehicle Vikram-1, and strengthening our world class team. We started bookings for launches starting from mid next year, and are actively engaging global customers.”
In a joint statement, Anil and Mahesh stated that the partnership is targeted at helping Skyroot become a leading space launch player across the world.
“The next-generation technology Skyroot is building today will unlock potential for sustainability interventions, space-based research, data analytics, and telecommunications. We are confident our partnership will help them accelerate towards being a leading Space launch player globally,” Greenko Group founders said.
Skyroot Aerospace appears to be an amazing startup in the spacetech segment. Under the expertise of its founders and an exceptionally talented team, I’m sure the startup will reach great heights. My best wishes to the team of Skyroot Aerospace.Shishir Gupta, Founder and CEO, StartupLanes
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