According to a report, Skyroot Aerospace disclosed on Friday that it has raised $51 million (or around Rs. 400 crore) from a Singapore-based investor. According to reports, the startup will use the financing to speed its aspirations to launch large payloads into low-Earth orbit and to construct the nation's first private space launch vehicles (SLV). According to a source, it has a data and expertise exchange arrangement with the Indian Space Research Organisation (ISRO) and plans to begin commercial satellite launches by the middle of 2023.
According to a Reuters article, Hyderabad-based startup Skyroot Aerospace said on Friday that it had raised $51 million (approximately Rs. 400 crore) from capital investment company GIC (the Government of Singapore Investment Corporation), which led its most recent round of funding. According to reports, the company aims to reach full-fledged commercial satellite launch scale in less than a year.
By the middle of 2023, Skyroot Aerospace apparently plans to start launching commercial satellites. According to reports, its SLV is made of carbon fibre and can carry payloads up to 800 kg. According to the report, the company says it has started to reserve slots for launching payloads.
The nation's space had significant developments in privatisation measures back in June. The first demand-driven satellite ordered by Tata Play was launched, as well as two Indian space startups' payloads on ISRO's Polar Satellite Launch Vehicle (PSLV), according to PTI.
India's space economy was estimated to be worth $5 billion (approximately Rs. 39,860 crore) for the 2020–21 fiscal year in a previous research by the Centre for Development Studies and Indian Institute of Space Science and Technology, according to the report.
