Skyroot Aerospace Becomes Unicorn With $60 Mn Funding Ahead of Vikram-1 Launch

Indian space tech company, Skyroot Aerospace, became a unicorn after raising nearly $60 million in a funding round that valued the company at $1.1 billion, ahead of the maiden orbital launch of its Vikram-1 rocket.

The equity round was co-led by Sherpalo Ventures and GIC, with participation from funds managed by BlackRock, Playbook Partners, Shanghvi Family Office, the founders of Greenko Group, Arkam Ventures, and other investors. As part of the investment, Sherpalo founder Ram Shriram will join Skyroot’s board.

The Hyderabad-based company said the fresh capital will be used to scale manufacturing, establish a higher launch cadence for Vikram-1 missions, and accelerate development of Vikram-2, a one-tonne-class launch vehicle powered by a cryogenic stage.

The funding comes weeks before the planned maiden flight of Vikram-1, which Skyroot describes as India’s first privately developed orbital rocket. The vehicle is designed to carry satellites of up to 350 kilograms to low Earth orbit and offer dedicated launch services to global satellite operators.

“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 and CEO of Skyroot Aerospace. “This investment signals confidence from some of the world's most reputed investors in Skyroot.”

Skyroot previously made history in 2022 when it launched Vikram-S, the first privately built Indian rocket to reach space.

Ram Shriram, Founder and Managing Partner at Sherpalo Ventures and a founding board member at Alphabet Inc., said the company has made significant progress since its early days.

“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,” Shriram said. “Skyroot is building the foundational infrastructure for that future with the best cost-to-performance ratio in the orbital-launch industry.”

Founded by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot develops the Vikram series of launch vehicles to provide on-demand launch access for small satellite operators.

The company said its technology stack includes carbon composite rocket structures along with solid, liquid, and cryogenic propulsion systems developed in-house at its Hyderabad facilities. Its engines include 3D-printed components designed to support rapid manufacturing and launch operations.

With the latest funding round, Skyroot said it has now raised nearly $160 million in total from investors, including GIC and Temasek, as it expands commercial launch operations in the growing private space market.