Hyderabad-based Skyroot Aerospace raises $4.5 million in bridge round
Hyderabad: Skyroot Aerospace completed its bridge round to its Series-B. The $4.5 million (about Rs 34 crore) bridge round was led by Ram Shriram through his Venture Capital firm Sherpalo Ventures; and co-led by Wami Capital, existing investor Neeraj Arora (former-WhatsApp CBO) and former Google executive Amit Singhal. Skyroot earlier in 2021 raised a $11 million […]
Hyderabad: Skyroot Aerospace completed its bridge round to its Series-B. The $4.5 million (about Rs 34 crore) bridge round was led by Ram Shriram through his Venture Capital firm Sherpalo Ventures; and co-led by Wami Capital, existing investor Neeraj Arora (former-WhatsApp CBO) and former Google executive Amit Singhal.
Skyroot earlier in 2021 raised a $11 million Series-A round led by Greenko founders (with participation from public listed Solar Industries India, WorldQuant Ventures, Graph Ventures, and others), and $1.5 million seed round funded by Mukesh Bansal in mid-2018 through his incubator Meraki Labs.
This brings the total capital raised by the startup to around $17 million, which is the largest by an Indian Space startup yet. Skyroot is also the first startup with which ISRO signed a memorandum of understanding, for sharing facilities and expertise.
“India has long been a leader in rocket launch capability, especially at significantly lower cost. Skyroot takes that technical strength to the next level, with its innovative and cost-effective space launch capability, disrupting the status quo in global launch market,” said Ram Shriram.
On the investment, Chetan Mehta, CEO of Wami Capital said, “We have always backed innovative companies and Skyroot represents a classic story of homegrown disruptive innovation and strong execution by a team of young and dynamic Indian entrepreneurs with vision, grit and strong determination. Their mission to democratise space access will open up new areas of opportunities and will go a long way in contributing to India’s offering of a strong space ecosystem to the world.”
Pawan Kumar Chandana, co-founder and CEO of Skyroot, said, “In the last 18 months, we successfully demonstrated three cutting edge propulsion technologies used in our Vikram series of space launch vehicles, and this year will be a year of hypergrowth, where we will be testing our final rocket stages for a launch, while continuing to build a strong orderbook for the first few launches.”
“This round helps us build critical infrastructure early-on and helps accelerate towards our launch this year. 2022 is going to be a big year for us and the entire Indian Space ecosystem,” Naga Bharath Daka, co-founder and COO of Skyroot added.
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