The company said it would use the funds to expand the headcount across its engineering team.
Founded in 2018, Skyroot builds rockets to help launch small satellites, as it designs and tests multiple rocket propulsion systems.
Skyroot was one of the first startups to sign a memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO) for sharing the latter’s facilities and expertise.
Skyroot is building the Vikram series of rockets to hurl small satellites into space.
The startup has already test-fired its solid propulsion rocket engine, named Kalam-5, whose bigger version will power its rockets.
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“This round puts us on a trajectory of hyper-growth by funding all of our initial developmental launches and enables building infrastructure to meet high launch cadence required by our satellite customers,” said Pawan Kumar Chandana, cofounder and chief executive of Skyroot.
According to the company, the Vikram series rockets can launch up to 800 kg payloads into Low Earth
As part of the transaction, Mayank Rawat, managing director of GIC India Direct Investment Group, will join Skyroot’s board of directors.
Skyroot was previously backed by the likes of Myntra and Cultfit founder Mukesh Bansal, Greenko Group founders, Anil Chalamalasetty and Mahesh Kolli, Sherpalo Ventures, and Wami Capital, among others.
Agnikul Cosmos and Bellatrix Aerospace are among other rocket startups in India looking to launch small satellites into space.