Skyroot Aerospace, a Hyderabad-based spacetech startup, has raised $50.5 million in a Series B funding round led by Singapore-based GIC.

First reported by Entrackr, this is the second round of funding for the spacetech startup in 2022. Additionally, this round appears to be an ongoing one, implying Skyroot may receive more funds.

In this round, the spacetech startup has issued 106 equity shares and 1,15,938 Series B compulsory convertible preference shares at an issue price of Rs 34,728.39 each to raise $50.5 million or Rs 403 crore, as per regulatory filings.

GIC (via Waverly Pte Ltd) has led the round with $47.61 million (around Rs 380 crore) investment, whereas LNM India Internet Venture has invested $2.88 million (around Rs 23 crore). 

Skyroot Aerospace | Affordable, On-demand And Reliable Ride To Space

Founded by Pawan Kumar Chandana and Naga Bharath Daka, former Indian Space Research Organisation (ISRO) scientists, in 2018, Skyroot Aerospace is on a mission to open space for all by making spaceflight affordable, reliable and regular. It is building technologies for responsive, reliable, and economic access to space.

In November 2022, Skyroot Aerospace became the first Indian private aerospace company to successfully test a fully cryogenic rocket engine named Dhawan-1 in honour of eminent Indian scientist Satish Dhawan. 

As per Skyroot Aerospace, it will probably be the cheapest satellite launch vehicle in the world. Including this new funding round, the Hyderabad-based has raised over $67 million to date.

In January 2022, Skyroot Aerospace raised $4.5 million (about Rs 34 crore) in a bridge round to Series B funding led by Google’s founding board member Ram Shriram’s Sherpalo Ventures. The startup remained a pre-revenue stage firm until FY21 and posted zero operating revenue in the fiscal year ending March 2021 and a net loss of Rs 5.8 crore.

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