Spacetech startup Skyroot Aerospace Pvt Ltd has raised $50.5 million in a Series B round led by Singapore-based GIC subsidiary Waverly Pte Ltd. LNM India Internet Ventures also participated in the round.
Skyroot issues 100 equity shares and 1,09,321 Compulsory Convertible Preference Shares (CCPS) 34,728.39 each to Waverly Pte Ltd, it said in a filing with the Registrar of Companies. LNM India Internet Venture got 6 equity shares and 6,617 CCPS.
Skyroute was founded in 2018 by Pawan Kumar Chandana, a former scientist at the Indian Space Research Organization and Naga Bharat Daka. It is also backed by Mukesh Bansal, the founder of Myntra and co-founder and CEO of Cult.fit. It has tested the fully cryogenic rocket engine Dhawan-1 to be used in Vikram-2, the second rocket being developed by the startup.
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