India’s private space race is entering a new phase. Hyderabad-based space startup Skyroot Aerospace has raised nearly $60 million in fresh funding just weeks before the launch of Vikram-1, the country’s first privately developed orbital rocket. With the latest investment, Skyroot has now become India’s first space-tech unicorn, reaching a valuation of around $1.1 billion. The timing is important. The company is preparing for what could become one of the biggest moments in India’s private space sector so far. Skyroot says Vikram-1 is expected to launch from Sriharikota in the coming weeks. If the mission succeeds, it will become the first privately built Indian rocket to place satellites into orbit.
Fresh Funding Ahead Of A Crucial Launch
The latest investment round was co-led by Sherpalo Ventures and GIC. The round also saw participation from funds managed by BlackRock, the founders of Greenko Group, Arkam Ventures, Playbook Partners and the Shanghvi Family Office, among others.
According to the company, the newly raised capital will help increase launch frequency, expand manufacturing capabilities and speed up work on its next-generation Vikram-2 rocket, which is currently under development. As part of the funding round, tech investor Ram Shriram is also set to join Skyroot’s board.
How Skyroot Could Make History With India’s First Private Orbital Rocket Vikram-1
India officially opened its space sector to private companies in 2020, ending decades of government dominance in rocket launches and satellite missions. Since then, startups have promptly entered the market, hoping to tap into the rising global demand for commercial satellite launches.
Skyroot quickly became one of the biggest names in that race. Founded by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, the startup was among the first private companies to gain access to ISRO facilities and technical support after the reforms.
The Hyderabad-based aerospace manufacturer first became the talk of the town back in 2022 with Vikram-S, a suborbital rocket that successfully reached space. But Vikram-1 is operating on a completely different scale. Unlike Vikram-S, this rocket is designed to place satellites into orbit, something only a limited number of companies globally have managed to achieve.
Skyroot says Vikram-1 can carry payloads weighing up to 350 kilograms into low Earth orbit. The rocket also uses propulsion systems developed in-house, including several 3D-printed components. The startup is simultaneously working on Vikram-2, a larger launch vehicle expected to carry heavier payloads in the future.
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