Skyroot Aerospace Raises $51 Million from Singapore's GIC: All Details

Skyroot Aerospace says it plans to begin commercial satellite launches by mid-2023

Written by David Delima | Updated: 3 September 2022 02:27 IST

Skyroot Aerospace Raises $51 Million from Singapore's GIC: All Details

Photo Credit: Facebook/ ISRO

The startup is reportedly making the country's first privately space launch vehicles

Highlights

Skyroot Aerospace raised funding from a Singapore-based investment firm
The Hyderabad-based firm's latest round of funding was led by GIC
Skyroot Aerospace's SLV is said to be created from carbon fibre

Skyroot Aerospace on Friday revealed that it had raised $51 millon (roughly Rs. 400 crore) from a Singapore-based investor, according to a report. The startup will reportedly use the funding to build the country's first private space launch vehicles (SLV), and accelerate the firm's plans to launch heavy payloads into low-Earth orbit. It is looking to start commercial satellite launches by mid-2023, and has a data and expertise sharing agreement with the Indian Space Research Organisation (ISRO), as per a report.

The Hyderabad-based startup Skyroot Aerospace said on Friday that it had raised $51 million (roughly Rs. 400 crore) from capital investment firm GIC (the Government of Singapore Investment Corporation) which led its latest round of funding, according to a report by Reuters. The firm is reportedly looking to achieve full-fledged commercial satellite launch scale within a year.

Skyroot Aerospace reportedly wants to begin commercial satellite launches by mid-2023. Its SLV is said to be created from carbon fibre and supports payloads as heavy as 800kg. The firm says it has begun to book slots for launching payloads, as per the report.

ISRO Completes Gaganyaan LEM Test, Launches SPARK Virtual Space Museum

Back in June, the country's space saw major events in privatisation initiatives. These included ISRO's Polar Satellite Launch Vehicle (PSLV) carrying payloads of two Indian space sector startups, and the the launch of the first demand-driven satellite ordered by Tata Play, according to PTI.

An earlier study by the Centre for Development Studies and Indian Institute of Space Science and Technology had pegged India's space economy at $ 5 billion (roughly Rs. 39,860 crore) for the 2020-21 fiscal, as per the report.

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Further reading: Skyroot Aerospace, Space, ISRO

David Delima

Email David Delima

As a writer on technology with Gadgets 360, David Delima is interested in open-source technology, cybersecurity, consumer privacy, and loves to read and write about how the Internet works. David can be contacted via email at DavidD@ndtv.com, on Twitter at @DxDavey, and Mastodon at mstdn.social/@delima. More