Skyroot raises $50.5 mn in Series B round
PremiumSkyroot Aerospace Pvt Ltd a spacetech startup has raised $50.5 million in a Series B round, Waverly Pte Ltd led the round
Spacetech startup Skyroot Aerospace Pvt Ltd has raised $50.5 million in a Series B round led by Waverly Pte Ltd, a subsidiary of Singapore-based GIC. LNM India Internet Ventures also participated in the round.
Skyroot issued 100 equity shares and 1,09,321 compulsory convertible preference shares (CCPS) at ₹34,728.39 each to Waverly Pte Ltd, it said in filings with the registrar of companies. LNM India Internet Venture got 6 equity shares and 6,617 CCPS.
Skyroot was founded in 2018 by former Indian Space Research Organization scientists Pawan Kumar Chandana and Naga Bharath Daka. It is also backed by Myntra founder and Cult.fit co-founder and chief executive officer Mukesh Bansal. It has tested a fully cryogenic rocket engine Dhawan-1 to be used in Vikram-2, the second rocket being developed by the startup.
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