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Temasek-backed spacetech firm Skyroot Aerospace witnessed about a two-fold increase in revenue in FY24, although its losses widened due to a rise in expenses.

The Hyderabad-based company reported Rs 29 crore in revenue—all of it coming from interest income—in FY24, a 99.4% increase from the Rs 14.6 crore earned in FY23, as per its recent consolidated financial statements.

Skyroot Aerospace is still in the pre-revenue phase as it continues to invest heavily in technology and infrastructure, with substantial research and development costs contributing to ongoing financial losses.

In FY23, Skyroot reported an operating revenue of approximately Rs 40 lakh and a net loss of Rs 48.2 crore, as it prepares to commercialise its launch services through projects like the Vikram-1.

Its loss widened 15% to Rs 55.5 crore in FY24. This surge in losses was driven by a 34.5% rise in expenses, totalling Rs 84.5 crore in FY24, as opposed to Rs 62.8 crore reported in FY23.

The widening of losses is primarily due to higher spending on employee benefits—the firm’s largest expense—rose to Rs 26.9 crore—a 65% year-on-year decrease.

Furthermore, its spending on research development expenses amounted to Rs 12.8 crore in FY24, a marginal increase from Rs 12.4 crore in the preceding year.

Founded in 2018 by space scientists-turned entrepreneurs Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace launched India and South Asia’s first privately-developed rocket in 2022.

Hyderabad-based Skyroot is developing Vikram-1, an orbital launch vehicle designed to deploy satellites into Earth’s orbit. The company aims to launch Vikram-1 by the end of this year. Once operational, it will meet satellite operators’ launch needs.

The spacetech startup has raised a total funding of $99.8 million over eight rounds, according to Tracxn. In October 2023, it secured $27.5 million in a pre-Series C funding round led by Singapore government-owned VC, Temasek. Prior to that the company raised $51 million in Series B led by Singaporean sovereign wealth fund, GIC in 2022.

Last week, the Union Cabinet approved a Rs 1,000-crore venture capital fund for the space tech sector under the aegis of IN-SPACe.