Skyroot Aerospace raises $60 mn, becomes a unicorn valued at $1.1 bn

Skyroot Aerospace has raised nearly $60 million at a $1.1 billion valuation as the private space company prepares for the maiden launch of its Vikram-1 orbital rocket

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. The founder of Sherpalo, Ram Shriram, a renowned 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 raise reflects strong investor conviction in Skyroot’s trajectory to become one of the leading space launch service providers in the world.

 

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.

 

“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 and chief executive officer, Skyroot Aerospace.

 

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.

 

“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 the best cost-to-performance ratio 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 Ram Shriram, founder and managing partner, Sherpalo Ventures.

 

Founded by Pawan Kumar Chandana and Naga Bharath Daka, the company aims to democratise space access by designing, developing, and launching a family of launch vehicles.

 

Skyroot made history in 2022 with the launch of Vikram-S, India's first privately built rocket to reach space. The company 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.

 

Vikram-1 is designed to deploy small satellites of up to 350 kg to low Earth orbit. Built with 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 a high launch cadence.

 

Skyroot's technology stack spans 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.

 

The company has raised nearly $100 million from marquee global investors, including GIC and Temasek. Its mission is to make spaceflight as regular, reliable, and affordable as air travel — Opening Space for All.