Skyroot Aerospace, an Indian space business, has secured $11 million in a phase A round of investment. This seems to be almost double what rocket builders Pawan Kumar Chandana and Naga Bharath Daka received throughout 2018.
Greenko Group owners Anil Chalamalasetty and Mahesh Kolli sponsored a $11 million Series-A round of financing for Skyroot Aviation. Solar Group, previous WhatsApp CFO Neeraj Arora, Mukesh Bansal, Worldquant Innovations, Graph Endeavors, Sutton Investment, and Vedanshu Ventures were among the investors.
“We think Skyroot is a powerful incoming leader in the industry Space sector, and we are thrilled to work with them about their objective to democratise space access,” Anil Chalamalasetty and Mahesh Kolli said in a press release.
Skyroot is constructing a foundation that will aid in the development of fresh opportunities for growth in the space ecology and provide unique opportunities to improve the standard of living on Earth.
The innovation of the future Skyroot is a company that specializes in space-based research, data analytics, and telecom. We are optimistic that our collaboration will assist them in becoming a world-class space rocket.”
“We are supported by design professionals who developed manufacturing firms and share our enthusiasm for democratising access to space,” stated Pawan Kumar Chandana, Co-Founder and CEO of Skyroot. We’re looking forward to collaborating with them to help Skyroot become a worldwide leader in space.
ISRO (Indian Space Research Organization) has become a huge help to us. We entered a deal with them, and we’re collaborating with them on our training and release demands,” he continued.
“We hope to raise $40 million over the next several months to fund our worldwide development plans,” said Daka, the Hyderabad-based best known as the co and ceo of the company (COO). This Phase A money will be used to fuel the company’s rocket programme and the operation of Vikram-1, the company’s best – selling vehicle.
Skyroot Aerospace, on either side, is not the first company in the space industry to get more funding. Agnikula Cosmos, located in Chennai, earned $11 million in a Series A round of funding, the greatest investment in the space establishing a connection for both companies since the Government of India reopened up the industry to commercial enterprise just under a year ago.
Skyroot Aerospace, as per Chandana, was already preparing to take a stance for a long period of time, however the crew had already been hoping for the COVID-19 industry to flourish before doing so. He told Business Insider, “We had more time for development, which allowed us optimise our car and resulted in considerable time efficiency.”
Greenko Holdings founders Anil Kumar Chalamalasetty and Mahesh Kolli sponsored Skyroot Aerospace’s Series A round. Each of these, as well as Solar Company, a key aviation and military contractor, would then serve on the company’s new management board.
Other noteworthy investors include Neeraj Arora, the former CEO of WhatsApp, Mukesh Bansal, the founder of Myntra and CureFit, Graph Investments, and Worldquant Undertakings, as well as the initial investor from 2018.
The COVID-19 pandemic and the subsequent lockdowns would have to be dealt with by Agnikula Cosmos. “We intend to implement our first mission in the second stage within the next year,” Srinath Ravichandran, founder and CEO of Agnikula Cosmos, said.
A good chance of success was test-fired Agnilet, the world’s first 3D printed rocket engine, earlier this year. It also plans to do more studies eventually this year.
It is a program. Mayfield India spearheaded yet another round of fundraising. Angel investors Anand Mahindra, Naval Ravikant, Nithin Kamath, and Balaji Srinivasan are among those who have entered the fray. In March 2020, the firm secured $3.1 million in a pre-Series One round of investment.