HYDERABAD. Skyroot Aerospace, India’s leading private space launch company, on May 7 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 for 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.
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.
“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.
“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,” stated Ram Shriram, Founder & Managing Partner, Sherpalo Ventures.
