Skyroot Aerospace has announced that it has raised $11 million in Series A funding with plans to have Vikram-I on the launch pad by mid of 2022.
Naga Bharath Daka, co-founder & chief operating officer (COO) of Skyroot Aerospace, said, “We intend to raise $40 million more to fund our aggressive growth plans over the next few years.”
The company will use the funds raised in series A for its rocket programme and to get Vikram-1, their flagship vehicle, off the ground.
“Skyroot Aerospace’s announcement was long pending but the team was waiting for the COVID-19 situation to become comparatively better. We had more time for design which helped in optimising our vehicle and resulted in significant cost and time savings,” Pawan Kumar Chandana, Co-Founder, CEO & CTO, told Business Insider.
