Hyderabad-based startup Skyroot Aerospace announced a successful $60 million funding round led by Sherpalo Ventures and Singapore’s GIC, making it India’s first space-tech unicorn. The investment also involved BlackRock, Greenko Group founders, Arkam Ventures, Playbook Partners, and the Shanghvi Family Office. Skyroot Aerospace’s valuation has surged to $1.1 billion post this funding, marking a significant increase from its previous valuation of $519 million in 2023.
Lt. Gen. A.K. Bhatt (Retd.), Director General of the Indian Space Association (ISpA), hailed this achievement as a pivotal moment for India’s private space industry. He emphasized that Skyroot’s unicorn status underscores the advancement of Indian space startups and the growing global confidence in the country’s space sector. This milestone is expected to bolster India’s aspirations of enhancing its share in the global space economy by 2033.
Skyroot Aerospace’s co-founder and CEO, Pawan Kumar Chandana, revealed plans for the upcoming launch of Vikram-1, India’s maiden privately developed orbital rocket, in the near future. He expressed gratitude for the strong investor support, citing their confidence in the company’s future vision and launch capabilities. The fresh funding injection will be utilized to ramp up Vikram-1’s launch frequency, enhance manufacturing capacities, and facilitate the development of Vikram-2, a next-gen launch vehicle with a one-tonne payload capacity and an advanced cryogenic upper stage.
The company highlighted the success of its 2022 Vikram-S mission in showcasing its launch technology, with Vikram-1 specifically designed for payload transportation to orbit. Sherpalo Ventures Founder and Managing Partner Ram Shriram, a longstanding supporter of Skyroot, expressed optimism about the startup’s progress towards the Vikram-1 mission. With this latest funding round, Skyroot Aerospace has amassed a total funding exceeding $160 million, equivalent to around Rs 1,500 crore.
