Indian spacetech sector raises $22 million

Two spacetech startups — Hyderabad-based Skyroot Aerospace and Chennai-based Agnikul Cosmos — each raised $11 million in their respective Series A funding rounds.
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It’s raining money on India’s spacetech sector. 

Two spacetech startups — Hyderabad-based Skyroot Aerospace and Chennai-based Agnikul Cosmos — each raised $11 million in their respective Series A funding rounds. 

Skyroot Aerospace’s round was led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli. 

Co-founder and CEO Pawan Kumar Chandana told YourStory, “We will be using the funds to grow our team and complete full development of Vikram-1, which involves qualification of over 100 systems which will eventually work together to build the entire launch vehicle.”

The startup also plans to raise an additional $40 million to fund its growth plans over the next few years.

On the other hand, Mayfield India led the round for Agnikul Cosmos.

Co-founder and CEO Srinath Ravichandran explained to YourStory that the funding will be mainly deployed for expanding its team and scaling up its technology and infrastructure.

Earlier, in March, another Indian spacetech startup, Bengaluru-based Pixxel, raised $7.3 million from Techstars, Omnivore VC, and others.

Spacetech in India has seen considerable growth ever since the government opened up the sector to private players. In fact, PwC estimates that the Indian space economy is valued at $7 billion.

However, the sector still needs considerable funding support, transparent policies, more collaborations, and higher academic awareness. 

Stakeholders believe that the sector is expected to grow exponentially. In an earlier conversation, Ramesh Kumar V, Co-founder of Grahaa Space, said that the spacetech ecosystem might see around five to six unicorns in the next five years.

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Before you go, stay inspired with… 

Dr. Kailasavadivoo Sivan, Chairman of ISRO and Secretary, Department of Space

“We want to hand-hold them [private players] to bring them to our level so that most of the activities that ISRO is doing can be offloaded to industry and we can spend more time on advanced research to take India to the next level.”

Dr Kailasavadivoo Sivan, Chairman, ISRO & Secretary, Department of Space


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