Temasek-backed spacetech Skyroot sees 2X revenue growth in FY24 amid widening losses

Quick Summary:

The spacetech firm 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.

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.

Prior to that the company raised $51 million in Series B led by Singaporean sovereign wealth fund, GIC in 2022.

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Article Details

Author / Journalist: Ishan Patra

Category: StartupsEconomyBusiness

Markets: IndiaSingapore

Topics: Fy24 Crore Research Losses Spacetech Policy Launch Revenue Development Privacy Skyroot

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 11:06:47 (2 days ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 359 words

Reading Time: 2 minutes read

Sentences: 23 lines

Sentence Length: 16 words per sentence (average)

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Copyright Owner: © YourStory

News ID: 23325557

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