Skyroot Aerospace raises $ 11 million in Series-A funding round

Skyroot Aerospace, a startup engaged in space launch vehicles, has raised $ 11 million in Series-A funding led by Greenko Group founders, Anil Chalamalasetty and Mahesh Kolli. The investment saw participation from publicly listed Solar Group (a major Space & Defence supplier), Former-Whatsapp CBO Neeraj Arora, existing investor Mukesh Bansal (founder of Myntra & CureFit), Worldquant Ventures, Graph Ventures, Sutton Capital, Vedanshu Investments and few angel investors.

Joining as Directors
Anil, Mahesh and Solar Group, will be joining Skyroot’s Board of Directors. Anil Chalamalasetty & Mahesh Kolli in a joint statement said: “We believe Skyroot is a strong emerging player in the global Space industry and we are excited to partner with them on their mission to democratize space access. Skyroot is building the infrastructure which will help develop new opportunities for innovation in the space ecosystem and offer unique ways to improve the quality of life on earth. The next-generation technology Skyroot is building will unlock potential for sustainability interventions, space-based research, data analytics and telecommunications. We are confident our partnership will help them accelerate towards being a leading Space launch player globally.”

Pawan Kumar Chandana, Co-Founder and CEO of Skyroot, said “We are backed by visionary entrepreneurs who built industry leading businesses and share our passion for democratizing access to space. We are excited to work with them in building Skyroot into a leading space player globally.”

“Indian Space Research Organization (ISRO) has been offering great support to us. We signed an agreement with them and are working closely for our testing and launch requirements,” said Pawan.

Naga Bharath Daka, Co-Founder and COO of Skyroot, said “This round adds more fuel to our rocket programme and will support in completing development and testing of all subsystems of our first launch vehicle Vikram-1 and strengthening our world class team. We started bookings for launches starting from mid-next year and are actively engaging global customers. We intend to raise $40 million more to fund our aggressive growth plans over the next few years”

Skyroot has previously raised $ 1.5 million seed round in June-2018 from Mukesh Bansal. The Hindu BusinessLine