Hyderabad-based private launch startup Skyroot Aerospace has become India's first space-tech unicorn after raising $60 million (around Rs 510 crore) in a fresh funding round led by existing investors Sherpalo Ventures and Singapore sovereign wealth fund GIC.
The latest round also saw participation from BlackRock, founders of Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office and other investors.
Following the fresh capital infusion, Skyroot Aerospace's valuation surged to $1.1 billion, more than doubling from its previous valuation of nearly $519 million in 2023.
The company said the newly raised Rs 510 crore will be used to increase launch frequency for Vikram-1, expand manufacturing capabilities and accelerate development of Vikram-2, a next-generation launch vehicle with a one-tonne payload capacity and advanced cryogenic upper stage.
In a statement, Ram Shriram, founder of Sherpalo Ventures, said, "Access to space is one of the key challenges of our time. Skyroot is building the foundational infrastructure for that future with the best cost-to-performance ratio in the orbital-launch industry, and what the team has achieved is remarkable."
The funding round comes at a time when Skyroot is preparing to launch Vikram-1, India's first privately developed orbital rocket, for its maiden flight. The rocket is designed to provide dedicated and customisable access to space for global satellite operators.
Pawan Kumar Chandana, co-founder and CEO of Skyroot, in a statement, said, "We at Skyroot are excited about the upcoming Vikram-1 launch, India's first private orbital rocket, marking a significant milestone both for India and the global space sector. This investment signals confidence from some of the world's most reputed investors in Skyroot." Pawan Kumar said the company is preparing for the launch of Vikram-1, India's first privately developed orbital rocket, in the coming weeks.
The startup had earlier demonstrated its launch technology through the successful Vikram-S mission in 2022.
Lt. Gen. A. K. Bhatt, Director General of the Indian Space Association, termed Skyroot's unicorn status a landmark moment for India's private space ecosystem, saying it reflects growing technological capability and rising global investor confidence in the country's space sector.
According to industry observers, the development could strengthen India's ambitions of expanding its share in the global space economy by 2033. With the latest funding round, Skyroot Aerospace's total fundraising has crossed $160 million, or nearly Rs 1,500 crore.