NOVEMBERASIA BUSINESS OUTLOOK9India and Skyroot Aerospace said on Oct 30 they had raised $27.5 million in a new funding round led by Singapore and Temasek, boosting the country and its nascent space industry, days after rival Agnikul Cosmos raised a similar amount. Skyroot, which was founded in 2018, said the latest fundraising of 2.25 billion rupees would help it bring it to market faster.The Hyderabad-based startup, which launched India's first private rocket in 2022, plans to launch its second commercial rocket, the Vikram-I, next year. The launch vehicle can carry loads weighing up to 300 kilograms into low earth orbit. The funding comes as another space company, Agnikul Cosmos, said it had raised $26.7 million in new funding ahead of its first rocket launch, as private space companies benefit from the successful landing of an Indian spacecraft on the moon.Skyroot has raised $95 million so far, while Agnik has raised $40 million. Skyroot declined to say what the company's most recent fundraising was. "As we prepare to launch our second mission early next year, this new funding will allow us to accelerate future launches planned over the next two years," Skyroot founder Pawan Kumar Chandana said.Chandana told Reuters in August that the company was targeting at least two launches starting in 2024, citing the success of India's moon mission and Chandrayaan-3 as a boost for the country and the private space industry. Petroliam Nasional Bhd, Singapore's sovereign wealth fund GIC and the founders of Greenko Energy Holdings are investing $2 billion in AM Green, a platform built on green molecules, including green hydrogen, green ammonia and other chemicals.Of that, $1.5 billion to $1.7 billion is likely to come from Malaysia and the state energy company, according to people familiar with the development. AM Green was founded by Anil Chalamalasetty and Mahesh Kolli, founders of Greenko. Once completed, it will be the largest foreign direct investment to date in the fast-growing sector as companies and governments look for ways to reduce their energy and consumption footprints.AM Green acts as a holding company for these green initiatives. It is held separately by Greenko Energy, one of India's top renewable energy producers. Petronas and GIC are minority shareholders in AM Green's green ammonia unit, the people cited above said. SKYROOT AEROSPACE RAISES $27.5 MILLION FROM SINGAPORE & TEMASEKGIC & PETROLIAM NASIONAL BHD COLLECTIVELY INVEST $2B IN AM GREENNEWSROOM
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