Skyroot becomes India’s first spacetech unicorn with $60 million funding ahead of Vikram-1 launch

Skyroot Aerospace has made headlines by securing approximately $60 million in a recent funding round, marking a pivotal moment for India's private space sector as it becomes the country's first spacetech unicorn, boasting a pre-money valuation of $1.1 billion. The funding was co-led by Sherpalo Ventures and Singapore's sovereign wealth fund GIC, with additional contributions from notable investors such as BlackRock, the founders of Greenko Group, Arkam Ventures, Playbook Partners, and the Shanghvi Family Office. This investment round brings Skyroot's total capital raised to an impressive $160 million. As the company gears up for the upcoming maiden orbital launch of the Vikram-1, touted as India's first privately developed orbital rocket, the timing of this funding is critical. This launch is anticipated to take place in the coming weeks, with Skyroot's co-founder and CEO, Pawan Kumar Chandana, expressing enthusiasm about the event. "The Vikram-1 launch is a significant milestone for India and the global space industry, and this investment reflects the confidence of esteemed investors in our vision," he stated. The newly acquired funds will be instrumental in increasing the frequency of Vikram-1 launches, enhancing manufacturing capabilities, and accelerating the development of Vikram-2, an advanced one-tonne class launch vehicle featuring a cutting-edge cryogenic stage. Since its inception, Skyroot has gained considerable attention as a leading player in India’s burgeoning private space ecosystem, especially after its successful Vikram-S launch in 2022, which positioned it as the first private Indian company to send a rocket into space. Ram Shriram, founder and managing partner at Sherpalo Ventures, reiterated his belief in Skyroot's potential, noting, "Access to space is one of the key challenges of our time. Skyroot is laying the groundwork for the future with an outstanding cost-to-performance ratio in orbital launches, and their achievements are truly remarkable." With nearly $100 million raised from international investors including GIC and Temasek, Skyroot Aerospace is poised for a transformative journey in the space industry, setting the stage for what could be a new era in private space exploration.