MUMBAI: Skyroot Aerospace has raised a fresh $60 million at a valuation of $1.1 billion, making it India's first space tech unicorn. 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, founder of Sherpalo, a renowned tech investor and a Board member of Alphabet Inc, will join Skyroot's Board. Additionally, funds managed by BlackRock, the world's largest asset management company, Playbook Partners, a tech growth capital firm, Shanghvi Family Office, and others are also joining the cap table.
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. This expansion will broaden the range of missions and customers Skyroot can serve.
“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, Co-Founder & CEO, Skyroot Aerospace.
The company plans to increase its launch frequency and develop next-generation rockets to cater to a growing demand for small satellite launches. With this funding, Skyroot aims to accelerate its timeline and strengthen its position in the global space market.
