Singapore investors raise $51 million for Indian Skyroot rocket

Robert Besser
07 Sep 2022, 08:28 GMT+10

In a funding round led by Singapore sovereign investor GIC, Indian rocket startup Skyroot Aerospace has raised $51 million
Skyroot plans to use the Singapore funding to begin commercial satellite launches by the middle of next year
Skyroot says it is manufacturing India's first privately developed space launch vehicles - built with an all-carbon fibre structure that can launch up to 800 kg (1,760 pounds) of payloads to low-Earth orbit

NEW DELHI, India: In a funding round led by Singapore sovereign investor GIC, Indian rocket startup Skyroot Aerospace has raised $51 million.

Following the Indian government's push to encourage the country's private sector to complement its state-run space program known for its affordable launches and missions, Skyroot plans to use the Singapore funding to begin commercial satellite launches by the middle of next year.

Skyroot says it is manufacturing India's first privately developed space launch vehicles - built with an all-carbon fibre structure that can launch up to 800 kg (1,760 pounds) of payloads to low-Earth orbit. It already has an agreement with the state-run Indian Space Research Organisation for sharing facilities and expertise.

"This round will help us get to full-fledged commercial satellite launch scale within a year from now," said Skyroot co-founder Naga Bharath Daka, as quoted by Reuters. "We have started booking payload slots for our upcoming launches."

The company will have its first commercial launch in mid-2023.

GIC's India managing director, Mayank Rawat, will join Skyroot's board after the funding is completed.

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