Skyroot Aerospace, an Indian space business, has raised $11 million in a series A round of investment. This is roughly ten times the $1.5 million raised in 2018 by rocket builders Pawan Kumar Chandana with Naga Bharath Daka.
“We hope to raise $40 million more to finance our global expansion goals over the next several years,” said Daka, the Hyderabad-based company’s co-founder and chief operating officer (COO). The Series A funds will go toward the company’s rocket technology and the launch of its premier vehicle, Vikram-1.
Skyroot Aerospace, on the other hand, isn’t the first space business to receive new money. Agnikul Cosmos, based in Chennai, raised $11 million in a Series A round of financing, the greatest investment in the aerospace start-up industry for both companies, since the Indian government opened up the industry to commercial engagement less than a year ago.
Agnikul Cosmos had to deal with the COVID-19 outbreak and the resulting lockdowns. “There have been some delays due to the COVID-19 problem, but we expect to conduct our first expedition in the second part of next year,” said Srinath Ravichandran, co-founder and CEO of Agnikul Cosmos.
Earlier this year, the company successfully test-fired Agnilet, the world’s first 3D printed rocket engine. It also intends to undertake more testing later this year.
Mayfield India led the company’s Series A investment round. Anand Mahindra, Naval Ravikant, Nithin Kamath, and Balaji Srinivasan are among the angel investors who have thrown their hats in the ring.
A solid-propulsion rocket stage was successfully test launched by Skyroot Aerospace (named Kalam-5). It’s the first time a private enterprise has developed, constructed, and launched an entire solid propellant rocket stage in India. Meanwhile, Mukesh Bansal’s space start-up, which is sponsored by Vedanshu Investments, is trying to raise roughly $15 million.
It has a unique feature in which it is constructed using modern carbon composite structures in a fully automated method. According to Pawan Kumar Chandana, co-founder and CEO of Skyroot Aerospace, carbon fiber cases are difficult to design and build yet are five times lighter than conventional steel.
Kalam-5 employs 15 different sophisticated materials, 9 different manufacturing techniques, and has no moving components, according to him. This is a watershed moment for Skyroot and the Indian private space industry. “The testing results closely matched our projections, and this achievement gives us tremendous confidence in the development of our Vikram-I vehicle,” Chandana added.
Naga Bharath Daka, co-founder and COO of Skyroot Aerospace, stated that a test firing of the Vikram-1 launch vehicle’s third stage (Kalam-100) is planned at ISRO premises in a few months. The firm’s first space shuttle, the Vikram-I, is now in production and is scheduled to launch in December 2021 with the support of ISRO.
Skyroot has tested all propelling systems in Vikram-1 spacecraft, according to Chandana, with this trial and the company’s Raman Engine test launch in August 2020. Skyroot has unveiled the first of five Kalam solid propulsion systems, ranging in output from 10kN to 1200kN.
