m-timesofindia-com.cdn.ampproject.org Open in urlscan Pro
2607:f8b0:4006:808::2001  Public Scan

Form analysis
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Name: searchform — POST

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This story is from May 21, 2021
 * Business


SKYROOT AEROSPACE RAISES $11 MILLION IN SERIES-A ROUND LED BY GREENKO FOUNDERS

TNN | May 21, 2021, 04:28 IST


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Hyderabad: Spacetech startup

Skyroot

Aerospace, the Hyderabad-based player that has emerged as India’s first private
player to test fire multiple rocket propulsion systems, has raised $11 million
from multiple investors as part of a Series-A funding round led by Greenko Group
founders Anil Chalamalasetty and Mahesh Kolli.





The funding round also saw participation from publicly listed space and defence
supplier Solar Group, former WhatsApp chief business officer Neeraj Arora, as
well as others like Worldquant Ventures, Graph Ventures, Sutton Capital,
Vedanshu Investments along with a few angels. Existing investor Mukesh Bansal,
who founded startups such as Myntra and Curefit, also participated in the
funding round.



X

The company said that post this funding round, Chalamalasetty and Kolli as well
as representatives of Solar Group, which invested Rs 17.5 crore, will be joining
Skyroot’s board of directors.






Skyroot co-founder and COO Naga Bharath Daka said that the latest funding round
adds more fuel to the startup’s rocket programme and will help it complete
development and testing of all the subsystems of its first launch vehicle —
Vikram-1 — in addition to strengthening its team.






“We have already started bookings for launches starting from the middle of next
year and are actively engaging global customers. We intend to raise another $40
million to fund our aggressive growth plans over the next few years,” Daka said.



According to Pawan Kumar Chandana, co-founder and CEO, Skyroot, the company has
already inked an agreement with the Indian Space Research Organization (ISRO)
and is working closely with the state-run space organisation for its testing and
launch requirements.





Commenting on the development, Greenko Group co-founders Anil Chalamalasetty &
Mahesh Kolli said in a joint statement: “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 today 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,” they added.



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