Skyroot Raised $4 Million in a Bridge Funding Round

Skyroot Aerospace, the Indian space startup, has raised $4.5 million in its bridge round led by the venture capital firm Sherpalo Ventures. A bridge round is intermediary financing ahead of a larger funding round.

Skyroot Aerospace was founded by the former scientists at the Indian Space Research Organisation, Pawan Kumar and Naga Bharath in 2018. The company has previously also announced an $11 million funding round in the first half of 2021. It is the largest funding round raised by any Indian space startup.

Skyroot is also the first Indian private aerospace company to successfully test a cryogenic rocket engine called Dhawan-1. The rocket engine was named after the Indian scientist Satish Dhawan. The company will use it to boost its operations and will not license the engine technology to any partners.

It has also been in talks to raise $40 million to fund the commercial operations of the company that are scheduled for launch next year. The fundraiser will include both new and existing investors.