Skyroot Aerospace raises $60 million, becomes India’s first space-tech unicorn

Skyroot Aerospace has become India’s first space-tech unicorn after the Hyderabad-based startup raised nearly $60 million at a pre-money valuation of $1.1 billion on May 7.

India’s leading private space launch company is building the Vikram-series launch vehicles to provide on-demand and dedicated access to space for small satellite operators worldwide. In 2022, the company launched Vikram-S, India’s first privately built rocket to reach space. Skyroot is now preparing for the maiden flight of Vikram-1, its orbital launch vehicle, which will mark India’s first private attempt at an orbital mission.

“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,” said Pawan Kumar Chandana.

The fresh capital will help Skyroot establish a high cadence of Vikram-1 launches, scale up manufacturing, and develop Vikram-2 — a one-tonne-class launch vehicle powered by an advanced cryogenic stage — thereby expanding the range of missions and customers it can serve.

The funding round was co-led by Sherpalo Ventures and GIC, with participation from existing investors, including the founders of Greenko Group and Arkam Ventures.

Ram Shriram, a noted tech investor and board member of Alphabet Inc., will join Skyroot’s board. New investors joining the cap table include funds managed by BlackRock, Playbook Partners, the Shanghvi Family Office, and others.

“I've believed in the Skyroot team since the early days, and that conviction has only deepened as the team marches forward to the launchpad with Vikram-1, India’s first private orbital-class rocket. Access to space is one of the key challenges of our time. Skyroot is building the foundational infrastructure for that future with one of the best cost-to-performance ratios in the orbital launch industry, and what the team has achieved is remarkable. I am proud to deepen my partnership with them as they take their next giant leap,” said Shriram.

Vikram-1 is designed to deploy small satellites weighing up to 350 kg into low Earth orbit. Built using an all-carbon composite structure and powered by in-house-developed solid and liquid propulsion systems — including 3D-printed engines — the rocket is engineered for rapid manufacturing and high launch cadence.

Skyroot’s technology stack includes carbon composite rocket structures and solid (Kalam series), liquid (Raman series), and cryogenic (Dhawan series) propulsion systems, all developed in-house at its 250,000 sq. ft. Max-Q and Infinity campuses in Hyderabad, Telangana.

With the latest funding round, the company has raised nearly $160 million from marquee global investors, including GIC and Temasek.