This is so far the largest investment in the Indian Space Startup Scene after the Indian cabinet approved private sector participation in Space activities
Skyroot Aerospace, whichi s into building privatespace launch vehicles, on Thursday said it raised USD 11 million Series A funding from investors led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli.
According to a press release issued by the city-based startup, the funding also saw participation from public listed entity Solar Group, a major Space and Defence supplier, Former-Whatsapp CBO Neeraj Arora, existing investor Mukesh Bansal (founder of Myntra and CureFit), Worldquant Ventures, Graph Ventures, Sutton Capital, Vedanshu Investments, and few angels.
Naga Bharath Daka, Co-Founder and COO of Skyroot, said the firm started bookings for launches starting from mid next year and is actively engaging global customers.
‘We intend to raise USD 40 million more to fund our aggressive growth plans over the next few years,’ Daka said.
This is so far the largest investment in the Indian Space Startup Scene after the Indian cabinet approved private sector participation in Space activities, the release said.
Pawan Kumar Chandana, Co-Founder and CEO of Skyroot, said, ‘We are proud to be backed by visionary Entrepreneurs who built industry leading businesses and share our passion for democratising access to Space. We are excited to work with them in building Skyroot into a leading Space player globally.’ Anil, Mahesh and Solar Group, will be joining Skyroot’s Board of Directors, it said.
(PTI)
Source: Business World
