Space-tech startup Skyroot Aerospace has raised $51 million in a funding round led by Singapore’s sovereign fund GIC.
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.
“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.
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.
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