Skyroot Aerospace Becomes India’s First Unicorn Space Startup After $60 Million Funding Boost

India’s private space industry reached a major milestone as Skyroot Aerospace became the country’s first space-sector unicorn, achieving a valuation of $1.1 billion after raising $60 million in fresh funding. The investment round was led by Singapore sovereign wealth fund GIC and Silicon Valley-based Sherpalo Ventures, with participation from investment giant BlackRock. The latest funding takes the Hyderabad-based startup’s total capital raised to $160 million.

Founded in 2018, Skyroot Aerospace made headlines in 2022 by launching India’s first privately developed rocket. The company is now preparing for the maiden launch of Vikram-1, India’s first privately developed orbital rocket. Industry experts say the valuation and backing from major global investors highlight growing international confidence in India’s rapidly expanding private space sector. Retired Lieutenant General AK Bhatt, Director General of the Indian Space Association, described the development as a strong signal to global investors regarding the credibility and potential of India’s space ecosystem.

Skyroot was also the first private space startup to sign an agreement with Indian Space Research Organisation (ISRO) for access to launch and testing facilities after India opened the sector to private companies in 2020. CEO and co-founder Pawan Kumar Chandana said the ability to independently launch rockets remains a critical capability possessed by only a handful of nations and companies worldwide. The company stated that the fresh capital will help increase Vikram-1 launch frequency, expand manufacturing capabilities, and accelerate development of the next-generation Vikram-2 rocket.

Pic Courtesy: google/ images are subject to copyright