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<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s leading private space-tech company, Skyroot Aerospace has raised an additional $27.5 million, equivalent to ₹225 crore, in a pre-Series C funding round led by Temasek, a global investment company headquartered in Singapore. The present capital infusion builds upon the company's previous raise in 2022, bringing its total funding to USD 95 million, which is the largest ever for an Indian Space-tech startup. Skyroot plans to utilize the newly acquired capital to drive its next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities, all while maintaining a lean and agile core team, the Hyderabad-headquartered company said in a statement. Founded in 2018 by space scientists-turned-space entrepreneurs, <keyword id="6364836" type="General" weightage="80" keywordseo="pawan-kumar" source="Orion">Pawan Kumar</keyword> Chandana and <keyword id="7537906" type="General" weightage="80" keywordseo="naga-bharath-daka" source="Orion">Naga Bharath Daka</keyword>, Skyroot is the country's leading private space launch vehicle company. In November 2022, it successfully launched India's and South Asia's first, and till date the only, privately developed rocket, marking Indian private space sector's entry into the space launch market. As the leading player in small and medium space launch vehicle designing and building in India's private sector, the company offers on-demand, cost-effective, reliable and regular space launch services to the fast-expanding global small and medium-sized satellite market, with satellite operators who look to deploy single or constellations of satellites across orbits as its customers. Skyroot was the first startup to sign a memorandum of understanding (MoU) with the <keyword id="116095" type="General" weightage="50" keywordseo="indian-space-research-organisation" source="Orion">Indian Space Research Organisation</keyword> (ISRO). The collaboration grants Skyroot access to ISRO's cutting-edge facilities and unparalleled expertise. Skyroot is poised to transform space launch capabilities of the country with its Vikram series of rockets, specially designed to deploy small and medium-sized satellites into space efficiently and reliably. "As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years. India's successful moon landing mission has reignited global interest in India's space prowess. As a key player in India's private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite 'go-to' choice in space launch services for small satellites," said Pawan Kumar. Bharath Daka said this fund-raise would help the company to invest in the enhancement of production infrastructure, R&amp;D and team strength. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-suv-in-november-2023/slidelist/104817915.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-suv-in-november-2023/slidelist/104817915.cms" target="_blank">From the new Renault Duster to Tata Punch EV, upcoming cars launching in India this November</a> <a href="https://www.businessinsider.in/tech/news/delhi-woman-loses-50-lakh-in-sim-swap-scam-heres-how-you-can-stay-safe/articleshow/104745898.cms">Delhi woman loses ₹50 lakh in SIM Swap scam – Here’s how you can stay safe</a> <a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms">X starts rolling out audio and video calls – here’s everything you need to know</a>

Space-tech company Skyroot raises ₹225 cr in pre-Series C funding

<div class="KonaFilter image-container display-table"><div><div class="image on-image">SpirePeter Platzer, one of Spire's cofounders.</div></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image">Samantha Lee/Business Insider</div></div></div><ul class="summary-list"><li>Spire Global is a San Francisco-based nanosatellite company that has raised $140.5 million in VC funding since its launch in 2012. </li><li>Co-founder Peter Platzer spent months reading academic papers on the subject of nanosatellites and identified a gap in the market for a new type of device which is no bigger than a wine bottle.</li><li>The company, then called NanoSatisfi, subsequently raised around $4 million in seed funding using these early slides to begin researching and building their product. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>Ever wondered how expensive satellites are? If you have, you'd probably conclude: Very. And you'd be right. That is until the cost of space launches began to decrease around a decade ago. Lower launch costs and cheaper, more efficient, and bulk-built tech has meant that the cost of sending satellites into orbit has decreased dramatically. But, beyond that lies a world of smaller specialized satellites, called nanosatellites, which have specific functionality and are often no larger than an average bottle of wine. The viability of growth in the field was picked up upon by Spire, formerly NanoSatisfi, whose founders Jeroen Cappaert, Peter Platzer, and Joel Spark decided to try and take the lead on this emerging area. The space industry is growing rapidly. The market for space-related enterprises is worth about $350 billion and could be worth as much as $1 trillion by 2040, <a href="https://www.morganstanley.com/ideas/investing-in-space">according to Morgan Stanley</a>.Since 2012, Spire has raised $140.5 million, but the first $4 million in seed funding came from a series of pitch deck slides which indicated the company had found a corner of the market that they could see huge potential in. Initial funding came in the form of $1.5 million in seed funding from Shasta Ventures, Lemnos Labs, E-merge, Grishin Robotics, and Beamonte Investments and another $2.5 million from various angel investors. "I spent months reading every academic paper on nanosatellites," Spire's CEO Platzer told Business Insider in an interview. "The data showed the potential for exponential growth, and we used this information to show investors these satellites were relevant now, not in 100 years."Check out Spire's initial pitch deck below:

We got an exclusive look at the pitch deck space-tech firm Spire Global used to raise $4 million in seed funding for the future of satellites

<ul><li>The investment, which is <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>’s first in an Indian consumer brand, pegs <keyword id="3030142" type="PERSON" weightage="20" keywordseo="MyGlamm">MyGlamm</keyword>’s valuation at $100 million.</li><li>Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others.</li><li>MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA profitability.</li></ul>Direct-to-consumer (DTC) beauty and skincare brand MyGlamm has raised ₹175 crore from Amazon, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Consumer and Ascent Capital. The investment, which is Amazon’s first in an Indian consumer brand, pegs MyGlamm’s valuation at $100 million. However, Amazon’s individual investment amount remains undisclosed. Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others. MyGlamm has over 600 products across makeup, skincare and personal care, with a content-to-community-to-commerce platform approach. “We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigour that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data,” said Sanghvi in a statement. MyGlamm had earlier <a href="https://www.businessinsider.in/business/startups/news/popxo-gets-acquired-by-mumbai-based-beauty-commerce-platform-myglamm/articleshow/77398634.cms">acquired</a> six-year-old <keyword id="3128172" type="PERSON" weightage="20" keywordseo="POPxo">POPxo</keyword>, the online community startup for women. With the acquisition, POPxo’s investors Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital had joined the board of MyGlamm. Along with a digital presence, MyGlamm also focuses on offline retail with over 10,000 points of sales across 70 cities in India. The company, which claims to have grown by 400% in 2019, had to halt its Series C round, initially intended to be closed by April 2020, due to the COVID-19 pandemic. However, the company said that from zero revenue during the months of strict lockdown, MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA (earnings before interest, taxes, depreciation, and amortization) profitability in December 2020. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a>

Amazon, Wipro Consumer and Ascent Capital invest in beauty brand MyGlamm

It’s aptly quoted, “We were born as explorers, not caretakers”. The “beyond planet” fascination is hard to explain but it is what it is. Technology and so much else has changed over the decades since those first footprints in the lunar dust that there’s now a good chance a <keyword id="6360409" type="ORGANIZATION" weightage="20" keywordseo="NASA">NASA</keyword> astronaut won’t be the first to walk out onto the next new world. 
 
TeamIndus, an aerospace start-up based out of Bangalore is going to be the first privately funded company in the world to land a rover on moon and it’ll be done with the help of former ISRO scientists who have worked on projects like Aryabhatta and Chandrayaan-1. 
 
From an IT job to being a space-tech entrepreneur 
 “Rahul Narayan (Co-founder) was working at an IT firm and he then saw this wallpaper of Google Lunar X Prize (GLXP) on a desktop. The first thing he did was find out what it was and then call the GLXP office to find out which Indian team was in the competition. Fortunately, there was no one and then at the moment he registered. Quit his job and started pursuing this,” said <keyword id="3453187" type="UNKNOWN" weightage="20" keywordseo="sheelika-ravishankar">Sheelika Ravishankar</keyword>, Marketing and Outreach. 
 For an engineer working at an IT firm leaving his job to pursue his dreams has always been a risky venture. Guess what? Risk takers get rewards. He then took this company to a point where <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, and former Yahoo India R&amp;D chief <keyword id="207306" type="PERSON" weightage="20" keywordseo="Sharad-Sharma">Sharad Sharma</keyword> were the first one to invest. Why wouldn’t they be? It’s a matter of national pride and not just equity. 
 
Google Lunar X Prize 
 
The Google Lunar XPRIZE was launched in September 2007. The competition offers a total of US$30 million in prizes to the first privately funded teams to land a robot on the Moon that successfully travels more than 500 meters and transmits back high-definition images and video. 
 
The Spacecraft 
 
The lightest UAV sent on moon was by China, which was nearly 150 kgs. The spacecraft we’re making will carry a 20-kg payload, of which 10 kg will be allotted for commercial use. Yes, they took it to another level (from 150 kgs to 20). “Additionally there are a lot of complications in making an aircraft, we have to take care of temperatures, we have to land on the right spot decided at that moment, right wheels to travel on the surface of moon etc. But we’ve been doing good under the guidance of ISRO experts and our young and enthusiastic colleagues.Of which some of them have left their previous jobs,” said Sheelika. 
 
AI enabled Rover 
 
The rover will be tapped with AI enabled software which will decide where to land at moment. “We looked at all the data from NASA and Russian mission and we found a spot called Mare Imbrium. When the system reaches the surface it has to make decision anonymously. Because it’s moving at a speed of 1.7 kms/sec we needed to have AI in the system. So we collaborated with Laboratory for Atmospheric and Space Physics(LASP), University of Colorado, which is older than NASA.,” said Sheelika 
 
Investment 
 
When asked about how much they need to build a rover and successfully execute the requirements, Sheelika stated that the total sum required is US$70 million and currently they’re in a process to raise another round of US$10 million.

This Indian Startup will be the first privately funded
company to land a rover on Moon

<ul><li>An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022. </li><li>The potential of gig workers can grow further if online retail grows across the country. </li><li>The report predicts that the penetration of online retail was just 5% in 2019 and is expected to grow to 11% by 2024.</li></ul>As more e-commerce platforms enter the 10-minute delivery space, demand for gig workers has not only ballooned – but their monthly earnings have increased too. A report by StrideOne, a tech-enabled NBFC, titled ‘The Startup Economy Report 2022’ says that 25% of gig workers surveyed reported an over 50% rise in their monthly income as compared to their previous mode of livelihood – in the last one year. An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022, the report said. Majority of the gig workers are engaged in retail trade and sales which includes fast commerce like food and beverage, grocery, medicines delivery etc. Around 56% of the gig workers surveyed previously had full-time employment. “Startups are limiting their hiring of permanent employees. Gig workers have begun to replace these permanent employees,” the report said. The number of companies who shifted to a semi-gig workforce model has increased by 15% since October 2021. The potential of gig workers can grow if online retail expands across the country. The report predicts that the penetration of online retail was 5% in 2019, and is expected to grow to 11% by 2024. Non-farm sectors of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the potential to add over 90 million gig jobs in the longer term, the report predicts. As of now, the <keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> constitutes 1.5% of the total workforce in India and is expected to expand to 23.5 million by 2024 constituting 4% of the workforce. <cmsannotation type="cmsannotation" annotationid="Startup ecosystem of India" comment="subhead" text="Startup ecosystem of India"><keyword id="15794501" type="General" weightage="20" keywordseo="startup-ecosystem-of-India" source="Orion">Startup ecosystem of India</keyword></cmsannotation> The number of jobs created by the startup ecosystem of India, which is said to be the third largest in the world, grew by 78% CAGR between 2017 and 2022. It is further projected to grow at a CAGR of 24% from 2022-27. The ecosystem altogether created over 2 lakh jobs this year, according to the report. However, several startups like Byju’s, Udaan laid off several employees from its workforce as a part of their retrenchment due to funding winter. “The rapid growth phase and maturity of the ecosystem have unlocked tremendous appetite for scalability, alternate funding options, expansion into the global market and the capacity to enable millions of jobs. This meteoric rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4-5% to the gross domestic product (GDP) of India,” said Ishpreet Singh Gandhi, founder, StrideOne. Sectors like textile, apparel and logistics however retain the title of being the biggest job creators in the country. The textile industry is said to be the second largest employer in India, which has given direct employment to 5 crore people, and 10 crore people in allied industries. Whereas, logistics sector currently employs 22 million people and is estimated to contribute 11% to the overall GDP of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-railways-backed-spacetech-startup-galaxeye-raises-3-5-million-in-seed-round/articleshow/96250010.cms">Indian Railways backed spacetech startup GalaxEye raises $3.5 million in seed round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a>

A quarter of Indian gig workers’ salaries grew by 50% in the last one year

The day is not far when <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> will see its own mega private aerospace company like Elon Musk-owns SpaceX or <keyword id="12232315" type="General" weightage="20" keywordseo="jeff-bezos-run" source="Orion">Jeff Bezos-run</keyword> Blue Origin, taking travellers to the edge of space and beyond, <keyword id="12180756" type="General" weightage="20" keywordseo="srinath-ravichandran" source="Orion">Srinath Ravichandran</keyword>, co-founder and CEO of rocket startup AgniKul Cosmos, has envisioned. In a chat with IANS, Ravichandran who is ecstatic after Agnikul Cosmos was granted access to the Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword>) facilities and expertise for the development and testing of systems and subsystems of its rockets, said that the pact with ISRO will allow them to ultilise its facilities to test out various sub-systems of their launch vehicle. "This will, in turn, help us with reduced capital expenditure and expedited testing," he said. "India can have its own SpaceX or Blue Origin kind of mega private space firm in the near future. There is so much support from the government and investors are open to invest too in the homegrown spacetech startups," Ravichandran added. The next step, he added, will be to aim multiple launches per year and scale to the extent of having a launch once in two-three weeks. "Beyond that would be about making the vehicles more efficient, thereby providing even cheaper access to customers. We are doing this through a mix of innovations on various technologies in the vehicle," Ravichandran informed. Last month, Chennai-based Agnikul Cosmos received the nod by the Department of Space to carry out multiple tests and qualify its single piece 3D-printed semi-cryogenic engine and other systems of its rocket at various ISRO centres. This is the second pact that the Department of Space has signed with a rocket maker, after the first with Hyderabad-based <keyword id="7537495" type="General" weightage="20" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword> on September 11. According to Ravichandran, their rocket engines are 100 per cent 3D-printed, that too in a single shot. "This allows us to directly assemble what comes out of the 3D printer in our launch vehicle. The big advantage of this is the ability to provide and enable rapid launch access and, at the same time, make customisable launch vehicles," elaborated Ravichandran. He formed the startup with Moin SPM within IIT-Madras with a seed funding of Rs 3 crore, with an aim to develop and launch its first rocket in 2021 and subsequently develop ability to provide launch service for satellites. The current investors in the spacetech startup are Mayfield India, PI Ventures, Speciale Invest, Beenext, Artha and others. In June, India decided to allow private companies to establish and operate rocket launch sites within and outside the country, subject to prior authorisation from the government. Similarly, any rocket launch (orbital or sub-orbital) from Indian or overseas territory can be carried out only with authorisation from Indian National Space Promotion and Authorisation Center (IN-SPACe), an independent body constituted by the Government of India, under the Department of Space (DOS). The launch could be from own or leased launch site and also from mobile platforms (land, sea or air) as per the Draft National Space Transportation Policy-2020 brought out by the Department of Space. "Now that we also have to plan the entire engine building facility in-house, we are confident that we can control engine making end-to-end in India, thereby not only enabling 'make in India' but also 'design in India'," Ravichandran told IANS. He said that anyone who wants to do a space tech startup should do it today. "Right now is the best time to do a spacetech startup in India. The government has been very forthcoming in terms of the help provided to enable private missions and now would be a good time to get started to get things done," Ravichandran noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adar-poonawalla-backed-pharmacy-chain-wellness-forever-files-for-ipo/articleshow/86699746.cms">Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a>

India set to witness its SpaceX moment soon, says Agnikul CEO

Mumbai, The 30-scrip Sensitive Index (<keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword>) on Thursday opened on a positive note. The Sensex of the <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> opened at 50,161.25, touched a high of 50,296.35 and a low of 50,161.25 points after closing at 49,801.62 on Wednesday. The Sensex is trading at 50,245.36 -- up by 443.74 points or 0.89 per cent. On the other hand, the broader 50-scrip <keyword id="6354813" type="LOCATION" weightage="20" keywordseo="Nifty">Nifty</keyword> at <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> (<keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword>) opened at 14,855.50 after closing at 14,721.30. The Nifty is trading at 14,860.35 points in the morning. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-easemytrip-ipo-allotment-and-listing-date/articleshow/81548106.cms">EaseMyTrip IPO allotment live – how to check allotment, listing date and more</a>

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Space-tech company Skyroot raises ₹225 cr in pre-Series C funding

IANS

We got an exclusive look at the pitch deck space-tech firm Spire Global used to raise $4 million in seed funding for the future of satellites

Callum Burroughs,Callum Burro…

Amazon, Wipro Consumer and Ascent Capital invest in beauty brand MyGlamm

Sanchita Dash

This Indian Startup will be the first privately funded company to land a rover on Moon

Gaurav Sangwani

A quarter of Indian gig workers’ salaries grew by 50% in the last one year

Vaamanaa Sethi

India set to witness its SpaceX moment soon, says Agnikul CEO

IANS

Sensex rises by 443 points, Nifty at 14,860

IANS

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