Hyderabad-based Skyroot Aerospace has become India’s first space-tech unicorn after raising $60 million in a fresh funding round led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC. The latest investment has pushed the company’s valuation past the $1 billion mark, making it the first private space startup in India to achieve unicorn status.
The round also saw participation from funds managed by BlackRock, along with existing investors including Greenko Group founders, Arkam Ventures, Playbook Partners, and Shanghvi Family Office. The funding marks a major milestone for India’s growing private space industry, which has gained momentum following policy reforms that opened the sector to private players.
Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, the startup has emerged as one of the leading private rocket companies in the country. The company is currently preparing for the launch of Vikram-1, India’s first privately built orbital-class rocket, expected to lift off in the coming weeks from Sriharikota.
Funding to Support Vikram-1 Launch and Expansion Plans:
Skyroot said the newly raised capital will be used to scale up manufacturing, accelerate launch operations for the Vikram rocket series, and support the development of Vikram-2, a more advanced launch vehicle powered by a cryogenic stage.
The company’s Vikram-1 rocket is designed to carry payloads of up to 350 kilograms into low Earth orbit and is aimed at the rapidly expanding small satellite launch market. The startup believes there is strong demand globally for dedicated satellite launches, especially from private companies and governments seeking cost-effective launch solutions.
The latest round takes Skyroot’s total funding to over $160 million. Industry experts say the investment reflects growing global confidence in India’s private space ecosystem, which is increasingly being viewed as a competitive alternative in the commercial launch market.
Ram Shriram, founder of Sherpalo Ventures and one of Google’s earliest backers, will also join Skyroot’s board following the investment. Speaking about the company, Shriram said access to space remains one of the most important technological challenges of the current era and praised Skyroot’s progress toward commercial launches.
India’s Private Space Sector Gains Global Attention:
Skyroot’s unicorn milestone is being seen as a landmark moment for India’s deep-tech and aerospace ecosystem. Until recently, India’s space sector was dominated almost entirely by the Indian Space Research Organisation (ISRO). However, reforms introduced by the government in recent years have allowed private startups to participate in launch services, satellite manufacturing, and space infrastructure development.
The company had earlier made history with the successful launch of Vikram-S in 2022, the first privately built Indian rocket to reach space. Since then, Skyroot has focused on developing larger orbital launch vehicles capable of commercial missions.
Analysts believe India’s lower operational costs and growing engineering talent pool could help startups like Skyroot compete globally against established international launch companies. At the same time, the industry remains highly capital-intensive and technologically demanding, meaning execution will be critical in the years ahead.
The success of companies like Skyroot is also expected to encourage more investments into India’s deep-tech sector, which has historically received less funding compared to consumer internet startups.
Social Media Celebrates India’s First Space-Tech Unicorn:
The announcement triggered strong reactions across startup, science, and technology communities, with many calling it a defining moment for India’s private space industry.
“Skyroot Aerospace becomes India’s first space-tech unicorn after raising $60 million”~Moneycontrol
“India’s private space race reaches a major milestone with Skyroot”~TechCrunch
“Hyderabad startup Skyroot crosses $1 billion valuation”~ET Startup
“A big win for India’s deep-tech ecosystem”~YourStory
Online discussions also highlighted the significance of a deep-tech startup becoming a unicorn at a time when most Indian unicorns have emerged from sectors like fintech, edtech, and ecommerce.
For Skyroot Aerospace, the latest funding round is more than just a valuation milestone. With the Vikram-1 launch approaching and global investors backing its ambitions, the company is now positioned at the forefront of India’s rapidly evolving commercial space industry.
