Skyroot Aerospace Looking To Raise $40Mn Next Year, Expand Senior Leadership Position

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Skyroot has also started hiring people for middle to senior-level positions to expand its team of 90 people

Indian space tech startup Skyroot Aerospace has revealed that it looking to raise $40 million (around Rs 300 crore) next year to support its growth and satellite launch solutions in 2022, for which it is also planning to double its workforce by next year.

“We are providing the lowest cost solution per kilogram for small launches. We are seeing a good amount of interest and hence building a solution to align with satellite launches planned in 2022. Our target is to raise $40 million next year to support our growth and launches,” Skyroot CEO and co-founder Pawan Kumar Chandana told PTI.

Founded by former ISRO rocket scientists in 2018, Skyroot has also started hiring people for middle to senior-level positions including director for people and culture, project management lead, aerospace systems development lead, avionics integration and test engineers etc to expand its team of 90 people.

Chandana told the news agency there is a tremendous opportunity for people to work on cutting edge technologies at Skyroot and be part of a team to create history by building India’s first privately built space launch vehicles.

“Our team has grown 2 times in strength in 2021 and now we are aiming to double our strength further by 2022. Post government opening up the space sector to private players, the Indian Space sector is set to grow exponentially and offer great career opportunities for several engineering streams,” Skyroot Aerospace COO and co-founder Naga Bharath Daka said.

Earlier this year in July, the company had raised $11 million in a funding round led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli. Publicly listed Solar Group, former-WhatsApp senior executive and Paytm board member Neeraj Arora, Myntra and Curefit founder Mukesh Bansal, Sutton Capital etc also participated in the round.

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