Greenko Group founders lead Series A funding in space-tech startup Skyroot
May 21, 2021
Space-tech startup Skyroot Aerospace closed an $11 million (Rs 80.3 crores) Series A funding round led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli. Others that participated in the round include space and defence supplier Solar Group, former Whatsapp business chief Neeraj Arora, existing investor Mukesh Bansal, Worldquant Ventures, Graph Ventures, Sutton Capital, Vedanshu Investments, and other angels. “We believe Skyroot is a strong emerging player in the global space industry and we are excited to partner with them on their mission to democratise space access,” said Greenko Group’s Chalamalasetty and Kolli. “The next-generation technology Skyroot is building today will unlock potential for sustainability interventions, space-based research, data analytics and telecommunications,” the investors added. Skyroot said Chalamalasetty, Kolli and Solar Group will join the startup’s board as part of the deal. Founded in 2018 by former scientists of the Indian Space Research Organisation, Skyroot has been preparing to launch its first space vehicle, Vikram-1, by December. It will start booking for launches in the middle of next year and is engaging with global customers. It has a team of 70 plus rocket engineers. “This round adds more fuel to our rocket programme and will support in completing development and testing of all subsystems of our first launch vehicle Vikram-1 and strengthening our world class team,” said Naga Bharath Daka, co-founder and operations chief of Skyroot. In another space-tech deal, Chennai-based startup Agnikul yesterday said it had raised $11 million as part of its Series A round of funding led by Mayfield India. The company will use the proceeds to build its technology infrastructure, launch ground testing, and expand its team.