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Indian spacetech startup Skyroot has raised over $4 million in a round led by one of Google’s earliest backers

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3 years ago

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Indian spacetech startup Skyroot has raised over million in a round led by one of Google’s earliest backers

Indian space startup Skyroot Aerospace has raised $4.5 million in a bridge round led by one of Google’s early backers, Ram Shriram, through his venture capital (VC) firm Sherpalo Ventures.
The round was co-led by Wami Capital, with participation from former WhatsApp executive Neeraj Arora and former Google executive Amit Singhal. A bridge round is an intermediate funding round that precedes a larger funding round.
“India has long been a leader in rocket launch capabilities, especially when costs have been significantly reduced. Skyroot has taken this technological prowess to a new level with its innovative and cost-effective space launch capabilities, disrupting the current state of the global launch market,” said Shriram of Sherpalo Ventures.
The company was founded in 2018 by former Indian Space Research Organization (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka.
Skyroot Aerospace previously announced that it was in talks to raise $40 million to fund a commercial operation it plans to launch next year. The company will raise the round with new and existing investors.
The company announced an $11 million funding round in the first half of 2021, the same day its rival Agnikul raised the same amount. This is the largest round of funding raised by an Indian aerospace technology startup.
Skyroot is backed by Greenko Group founders Anil Kumar Chalamalasetty and Mahesh Kolli. Other notable investors include ex-Graph Ventures, Worldquant Ventures and Mukesh Bansal, who previously founded Myntra and Cure.fit.
The three-year-old startup is the first private Indian aerospace company to successfully test an all-cryogenic rocket engine called Dhawan-1, in honor of prominent Indian scientist Satish Dhawan.
It will not license or sell its cryogenic engine technology to any other partners, but will use it to facilitate its operations. It will partner with other companies capable of building satellites, mainly Earth observation and communications satellites, and help them launch them into space.
Hyderabad-based Skyroot claims it may be the cheapest satellite launch vehicle in the world.

Complete News Source – Business Insider

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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17 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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