Spacetech startup Skyroot Aerospace has bagged a new round of capital from Singapore state investment firm Temasek, a year after the city-state’s sovereign wealth fund GIC backed the Indian startup.
The Hyderabad-based startup has raised USD 27.5 million in a pre-Series C round led by Temasek, according to the statement released on Monday. They have raised a total of USD 95 million in external funding across five rounds, as per media reports.
The company said in a LinkedIn post that, “This new capital propels us into commercial satellite launches, fuels tech innovation, attracts top talent and amps up our launch frequency and capabilities.”
Skyroot launched India’s first private rocket in November last year. The government’s new policies have opened up opportunities for private sector participation in the space-tech industry. Agnikul, another local company in this sector, recently secured USD 26.7 million in funding.
The startup is about to launch its first rocket, Agnibaan. Skyroot has previously raised USD 50.5 million in funding and partners with the Indian Space Research Organisation (ISRO). The company will use the new funding to speed up its launches, expand its team and enhance its production infrastructure.
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