SUMMARY
- Skyroot Aerospace reported a 99.4% growth in revenue to Rs 29 crore in FY24.
- The spacetech saw a 15% increase to Rs 55.5 crore in losses.
- The company saw a 34.5% increase in expenses, which amounted to Rs 84.5 crore in FY24.
Hyderabad-based spacetech Skyroot Aerospace reported a 99.4% growth in revenue to Rs 29 crore in FY24 from Rs 14.6 crore in FY23, with all its income coming from interest, as detailed in its latest consolidated financial reports.
Skyroot Aerospace is at the pre-revenue stage as it continues to make substantial investments in technology and infrastructure, with a large portion of its expenses going towards research and development.
In FY24, the company saw its operating income increase to around Rs 40 lakh, though its net losses soared to Rs 48.2 crore, indicating a 15% increase to Rs 55.5 crore in losses.
This significant rise in losses was attributed to a 34.5% increase in expenses, which amounted to Rs 84.5 crore in FY24, up from Rs 62.8 crore in FY23. The majority of the increase in costs was due to higher expenditures on employee benefits, which now represent the largest expense for the company, rising to Rs 26.9 crore, marking a 65% decrease from FY23.
Additionally, Skyroot Aerospace saw a marginal increase in research and development expenses, amounting to Rs 12.8 crore in FY24, up from Rs 12.4 crore in FY23.
Founded in 2018 by former space scientists, Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace is leading the charge in India and South Asia for privately-developed rockets.
The company is developing Vikram-1, an orbital launch vehicle designed for satellite deployment into space, with a goal to launch by the end of this year to meet the needs of satellite operators.
Skyroot has raised a total of $99.8 million in funding from eight rounds, with a recent funding of $27.5 million in a pre-Series C round led by the Singapore government’s VC Temasek in October 2023.
Before that, the company raised $51 million in a Series B funding round led by Singaporean sovereign wealth fund GIC in 2022. Last week, the Union Cabinet approved a venture capital fund of Rs 1,000 crore for the space technology sector, as part of the IN-SPACe initiative.
