Skyroot Aerospace raises $51 million from Singapore’s GIC: All the details

Skyroot Aerospace on Friday revealed that it has raised $51 million (about Rs 400) from a Singapore-based investor, according to a report. The startup is reportedly going to use the funding to build the country’s first private space launch vehicles (SLVs) and accelerate the company’s plans to launch heavy-duty craft into the fund. low Earth orbit. It is looking to start commercial satellite launches in mid-2023 and has a data and expertise sharing agreement with the Indian Space Research Organization (ISRO), according to a report.

Hyderabad-based startups Skyroot Aerospace said on Friday that it had raised $51 million (about Rs 400. report by Reuters. The company is said to be looking to reach the scale of a full-fledged commercial satellite launch within a year.

Skyroot Aerospace is said to want to start commercial satellite launches in mid-2023. Its SLV is said to be made out of carbon fiber and supports payloads weighing up to 800kg. The company said it has begun booking slots for payload launch, according to the report.

Back in June, the country’s space witnessed Big event in privatization initiatives. Those are included By ISRO Polar Satellite Launch Vehicle (PSLV) carried the payload of two Indian space startups and the first on-demand satellite launch ordered by Tata Play, according to PTI.

An earlier study by the Center for Development Studies and the Indian Institute of Space Science and Technology pegged India’s space economy at $5 billion (approximately Rs 39,860) for the 2020-21 fiscal year, according to the report.