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

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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.





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Get set to explore the future of tech and innovation at BTS 2024

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Bengaluru Tech Summit (BTS), Asia’s biggest technology event, brings together the global tech community, including industry leaders, policy makers, innovators, and technocrats.

The 27th edition of the summit, the flagship event of the Department of Electronics, IT, Bt, Government of Karnataka, and co-hosted by the Software Technology Parks of India (STPI), will be held on November 19-21, 2024, at Bangalore Palace.

The event will elevate the central theme of BTS, which is Breaking Boundaries, to Unbound. As barriers between nations, industry, sectors, and cultures continue to dissolve, this is the time for unbounded innovation, collaboration, and growth across the global IT, deeptech, ESDM, biotech, lifetech, and startup ecosystems.

BTS is driven by members of Karnataka’s Vision Groups on IT & electronics, biotechnology, and startups in close coordination with industry associations like Nasscom, IESA, ABAI, ABLE, TiE-Bangalore, US-India Business Council, Assocham, Indo-American Chamber of Commerce, FKCCI, and more. Startups in the IT, deeptech, electronics, semiconductor, AVGC, emerging tech, and biotech sectors will also be part of the event.

International Conference

BTS 2024’s conference sessions will be a powerhouse of knowledge-sharing, rich with insights from top-tier industry leaders, creating an invaluable space for networking, learning, and growth. Attendees will gain access to pioneering ideas that will fuel the future of technology, featuring perspectives from seasoned experts across multiple sectors. They can engage with leaders defining industry standards and making transformative strides in innovation.

More than 460 global speakers from industry, research, and academia will address 5,000+ delegates in 85+ sessions over six dedicated tracks. These include:

  1. IT, Deeptech & Trends Track
  2. Electro-Semicon Track
  3. Biotech & Healthtech Track
  4. Startup Ecosystem Track
  5. Global Collaborations Track
  6. India-USA Tech Conclave

The conference will feature global tech leaders and innovators, including Azim Premji, Founder Chairman, Wipro; Dr S Somanath, Chairman, ISRO; Kiran Mazumdar-Shaw, Executive Chairperson, Biocon; Chairperson, VGBt, GoK; Kris Gopalakrishnan, Co-Founder, Infosys, and Chairperson, VGITE, GoK; Prashanth Prakash, Founding Partner, Accel Partners; and Chairperson, VGST, GoK; Sindhu Gangadharan, MD, SAP Labs India; Chairperson, Nasscom; Nuseir Yassin, CEO and Content Creator, Nas Daily; David E. Duncan, Contributor, Vanity Fair and Wired, and CEO, Arc Fusion; Bhaskar Ghosh, Chief Strategic & Innovation Officer, Accenture; and Nithin Kamath, Co-founder, Zerodha.

A special feature this year will be a Dome Structured Hall, called the ‘Innovation Dome’, which will feature special programmes, workshops, product launches and so on.

Vibrant Exhibition

The BTS 2024 exhibition will provide a dynamic platform for companies and startups to showcase groundbreaking products, technologies, and solutions. It will be a hub of exploration and business networking, offering exhibitors opportunities to connect with potential partners, investors, and clients. Attendees can gain exposure, forge valuable partnerships, and demonstrate their company’s expertise on an international stage.

Focused Pavilions:

  • Corporate & Industry
  • Global Innovation Alliance 
  • Startup Zone
  • STPI National Showcase
  • MSME National Pavilion  
  • R&D Pavilion (Lab to Market) 
  • Leading States of India 
  • Karnataka Showcase 
  • Beyond Bengaluru 
  • Technology Parks 

Sectoral Pavilions:

  • Biotech & Healthtech
  • Electronics & Semiconductors
  • Telecom
  • Spacetech
  • Mobility
  • Greentech
  • Edtech
  • BFSI & Fintech
  • Animation & Gaming 

Special Events & Programmes

BTS 2024’s special events will go beyond traditional sessions, recognising excellence, nurturing talent, and creating a vibrant environment for competition and celebration. These programmes will support the next generation of tech leaders and foster a collaborative spirit among professionals. From awards to quizzes, these events aim to inspire innovation and bring together diverse voices across industries.

Product Launch Arena: A Product Launch Stage is offered to startups, established companies, and innovators to unveil their latest product or service to the industry and media.

Beyond Bengaluru: This initiative of the Government of Karnataka is aimed at promoting emerging innovation clusters like Hubballi-Dharwad-Belagavi, Kalaburagi, Mysuru, Mangaluru and others. 

Bio Poster Showcase: Bio Posters – the Walkway of Discovery is a platform for young researchers to showcase breakthrough ideas in healthtech and biotech sectors.

Awards: BTS recognises the contribution of achievers with awards like STPI IT Export Awards, Smart Bio Awards, Startup Awards & Exhibitor Awards.

Competitions: The TCS Rural IT Quiz and BioQuiz will engage and inspire young minds nationwide. 

B2B Meetings: B2B meetings between startups, businesses, investors, and governments are a cornerstone of BTS 2024.

Why Bengaluru and Karnataka? Bengaluru, with its strong tech ecosystem, provides the ideal setting for BTS 2024. Supported by Karnataka’s progressive policies, Bengaluru and its innovation hubs—Hubballi, Mysuru, and Mangaluru—drive a robust tech industry. This summit will showcase Karnataka’s dedication to global technology leadership, economic growth, and innovation that benefits all.

BTS 2024 will be more than a gathering of top minds; it will be a platform where innovations are showcased, connections are made, and the future of technology is shaped. Join us in experiencing the power of collective innovation and ambition at BTS 2024, a summit where ideas meet action, and possibilities become reality.







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Ola Electric’s Q2 loss narrows as revenue jumps 40%

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Ola Electric‘s net loss narrowed in the second quarter of the current financial year (FY25) as the Bhavish Aggarwal-led EV maker reported a 39% jump in sales.

Ola Electric reported a net loss of Rs 495 crore for the July-September quarter, down from Rs 524 crore in the year-ago period. The company’s revenue from operations jumped to Rs 1,214 crore in Q2 from Rs 873 crore a year earlier.

However, on a quarterly basis, Ola Electric’s loss widened from Rs 324 crore in the April-June quarter. The company’s sales declined from Rs 1,644 crore in the previous quarter.

The results come days after the EV-maker’s share price fell below its listing price, two months after the company listed on Indian stock exchanges. On Friday, Ola Electric’s share price closed at Rs 72.67 apiece, down 2.53%. Ola Electric got listed on India’s stock exchanges on August 9 at Rs 76 per share. The company had hit an all-time high of Rs 157.40 apiece.

Ola Electric, currently the market leader in the E2W segment, has also come under intense scrutiny over rising consumer complaints pertaining to its vehicles. In October, the company received a show cause notice from the Central Consumer Protection Authority (CCPA) seeking alleged violations of consumer rights, misleading advertising, and unfair trade practices.

The company, in a BSE filing on October 22, said it has provided all requested information and clarification sought by the consumer watchdog. Additionally, Ola Electric said it resolved 99.1% out of 10,644 complaints it received from the CCPA.

The SoftBank Group-backed firm has since doubled down on expanding its service centers and hiring service technicians to help streamline operations and clear backlogs.





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Workplace boundaries: 5 things not to share with coworkers

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In today’s workplace, building relationships and open communication are highly encouraged. A collaborative environment can foster trust, creativity, and productivity among colleagues. However, there is a fine line between being friendly and sharing too much. Revealing certain personal information to your coworkers can blur professional boundaries and even affect your career negatively. In a world where first impressions and professionalism matter, knowing what to keep private is crucial to maintaining respect and credibility.

This guide highlights five essential things you should never share with colleagues. From sensitive financial details to personal beliefs, these are boundaries that every professional should respect for the sake of both personal privacy and workplace harmony.


1. Financial information

Discussing your financial situation at work—whether it’s your salary, debts, or even that new loan you’ve taken out—can lead to misunderstandings, envy, or resentment. Salary disparities, in particular, are a sensitive topic and can create friction in the workplace if colleagues perceive unfairness. Moreover, sharing details about your finances could unintentionally set you up for gossip or judgment from others, which could alter their view of your professionalism. If you’re asked directly, a polite but firm response, such as “I prefer not to discuss personal finances,” can help maintain boundaries.


2. Political and religious beliefs

In an era of heightened political polarisation and strong opinions on various social issues, discussing your political or religious beliefs at work can be risky. Even casual remarks can lead to disagreements and, in worst cases, workplace conflicts. This doesn’t mean you should hide your identity, but it’s wise to avoid diving into discussions that might alienate or offend others. Maintaining a neutral stance on sensitive topics can help create a respectful, inclusive work environment.


3. Personal health issues

Your health is deeply personal, and sharing too much about any physical or mental health challenges can lead to unintended consequences. While close friends may share personal health information, colleagues don’t need to know the specifics of your medical history. Revealing health information might result in unwanted sympathy, awkwardness, or even doubt about your ability to perform your job effectively.


4. Negative opinions about colleagues or management

It might feel cathartic to vent about a difficult coworker or a strict manager, but sharing these thoughts with other colleagues can easily backfire. Not only can it damage your reputation, but it could also harm your professional relationships if your words get back to the person in question. Criticising team members or managers can make you seem untrustworthy or negative, both of which can hinder your career progression. Maintaining a neutral or positive stance will reflect professionalism and emotional maturity.


5. Ambitions for a new job or career move

Sharing your plans to apply for a new job or change careers might seem harmless, but it could shift how your colleagues or managers view your commitment. If your supervisor learns that you’re planning to leave, it could lead to fewer opportunities or even less favourable treatment as they prepare for your departure. To protect your current position, focus on your work, and wait to share the news until you’re ready to make a formal exit.


Conclusion

In a professional setting, boundaries are essential for a healthy work environment. While sharing parts of your personal life can help build connections, knowing where to draw the line is equally important. By keeping your financial matters, health concerns, personal beliefs, and career ambitions private, you’ll be better able to maintain a positive reputation, foster respectful relationships, and ultimately advance your career without unnecessary complications.

Remember, in the workplace, less can often be more. Protect your privacy, and you’ll find it easier to focus on what truly matters—your professional growth and contributions.





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