Hyderabad-based Skyroot Aerospace becomes unicorn after raising $60 million funding

Skyroot Aerospace has raised nearly $60 million, achieving unicorn status at a $1.1 billion valuation. The funding will support the development and launch of Vikram-1, India’s first privately developed orbital rocket, strengthening the country’s private space industry.

Hyderabad: Skyroot Aerospace, India’s leading private space launch company, on Thursday announced raising nearly $60 million at a pre-money valuation of $1.1 billion, making it a unicorn.

The round was co-led by Sherpalo Ventures and GIC, a global institutional investor, with participation from other existing Skyroot investors, including the founders of Greenko Group and Arkam Ventures.

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The founder of Sherpalo, Ram Shriram, a tech investor and a Board member of Alphabet Inc, will be joining Skyroot’s Board. Also joining the cap table are funds managed by BlackRock, the world’s largest asset management company, Playbook Partners, a tech growth capital firm, Shanghvi Family Office, and others.

The new capital will enable Skyroot to establish a high cadence of Vikram-1 launches, scale up manufacturing, and develop Vikram-2 (a 1-tonne class launch vehicle powered by an advanced cryogenic stage), expanding the range of missions and customers it can serve.

The funding round comes as Skyroot readies Vikram-1, India’s first privately developed orbital rocket, for its maiden flight. Targeted to launch in the weeks following this announcement, Vikram-1 is designed to provide dedicated and customisable access to space for global satellite operators. The upcoming mission builds on Skyroot’s historic 2022 mission — when it launched India’s first privately built rocket, Vikram-S.

“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, Skyroot Aerospace.