HYDERABAD, Oct 30 Reuters India39;s Skyroot Aerospace said on Monday it has raised 27.5 million in a fresh round of funding led by Singapore39;s Temasek, upping the ante in the country39;s burgeoning space industry days after rival Agnikul Cosmos raised a similar amount.

The Hyderabadbased company, which launched India39;s first private rocket in 2022, is set to launch its second commercial rocket, the VikramI, next year. The launch vehicle can take payloads of upto 300 kilograms into low earth orbit.

Skyroot, founded in 2018, said the latest fundraise of about 2.25 billion rupees would help it get to more launches, quicker.

The funding comes as fellow space startup Agnikul Cosmos said it had raised 26.7 million in fresh funding ahead of its first rocket launch as private space firms benefit from the successful landing of an Indian spacecraft on the moon.

Skyroot has so far raised 95 million, while Agnikul has raised 40 million. Skyroot declined to say what the latest money raise valued the company at.

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, Skyroot39;s cofounder Pawan Kumar Chandana said.

Calling India39;s Chandrayaan3 moon mission39;s success a boost to the country39;s private space industry, Chandana told Reuters in August that the company was aiming for at least two launches 2024 onwards.

Earlier this month, Skyroot signed a…