India’s private space sector has finally begun to see some movement with several startups looking to tap into what is estimated to be a $100 billion market by 2040. Skyroot is among the forefront of the new-age space race as it launched India’s first private rocket.
With the government backing and a positive response from investors, space-focused companies like Skyroot have tremendous potential, which we may see materialize in a few years. For now, the Hyderabad-based startup has remained at a pre-revenue stage (until FY23). The five-year-old startup posted a revenue of Rs 40 lakh while its losses touched Rs 55 crore, according to its annual financial statement filed with the RoC.
Skyroot’s losses are apparent as the company has been investing heavily in infrastructure.
Operating Revenue Total Expense Profile / Loss
Profile / Loss
When it comes to cost, employee benefits accounted for 26% of its total expenditure which surged 2X to Rs 16.4 crore in the last fiscal year.
Its expense on research, service, professional, and consultancy services grew exponentially. At the end, the overall cost rose 2.6X to Rs 62.8 crore in FY23. Check TheKredible for the detailed expense breakup.
As mentioned above, Skyroot’s losses surged to Rs 55.2 crore in FY23, marking a 2.3X increase compared to Rs 23.7 crore in FY22.
Skyroot has raised $67 million to date and it was last valued at $165 million or Rs 1,304 crore when it raised $50 million in September 2022. According to the startup data intelligence platform, TheKredible, GIC is the largest stakeholder in the company with 29.20% while Cultfit and Myntra co-founder Mukesh Bansal holds 10.5%. Head to TheKredible for Skyroot’s complete shareholding pattern.
Soon after its Series B round, Skyroot also expanded its ESOP pool which is currently valued at around $6.7 million or Rs 52.9 crore.
Skyroot counts Agnikul Cosmos, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity as its peers.
Chennai-based Agnikul raised $11 million in Series A while Satsure raised $15 million in its Series A round in August. Digantara raised $10 million in Series A1 funding in June from Peak XV Partners and Kalaari Capital whereas Pixxel raised $36 million in a Series B round from new investors including Google. Most recently, PierSight raised its pre-seed round.