Skyroot becomes India's 1st space tech unicorn with $60M funding
What's the story
Hyderabad-based Skyroot Aerospace has become India's first space tech unicorn after raising $60 million in a funding round co-led by Ram Shriram's Sherpalo Ventures and GIC. The investment values the start-up at $1.1 billion, making it the first of its kind in India in the aerospace sector. Other investors participating in this round include Singapore's sovereign wealth fund GIC, BlackRock, and founders of renewable energy company Greenko Group.
Growth trajectory
Skyroot's valuation has doubled in just 3 years
Skyroot's valuation has doubled from around $550 million in 2023 to the current $1.1 billion. The company had previously raised a total of over $100 million, with major contributions from Temasek and GIC, as well as a recent ₹100 crore debt round from BlackRock.
Investment impact
Funding to accelerate launch vehicle development
The latest funding will be used to speed up the development of Skyroot's launch vehicles, including the upcoming Vikram-1 orbital launch. "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," said Pawan Kumar Chandana, co-founder & CEO of Skyroot Aerospace. "This investment signals confidence from some of the world's most reputed investors in Skyroot."
Strategic vision
Competing with global space giants
Skyroot aims to dominate the small satellite launch market, competing with global players like SpaceX and Rocket Lab. The company is targeting the launch of Vikram-1 in a few weeks from Sriharikota after completing final integration and testing. The mission will last about 15 minutes, during which the rocket is expected to place payloads into low-Earth orbit at an altitude exceeding 400km.