Skyroot Aerospace, a private space launch company in India, has raised about $60 million in funding, per an announcement.
The round has been co-led by Sherpalo Ventures and GIC, with participation from other existing Skyroot investors including the founders of Greenko Group and Arkam Ventures.
Sherpalo Ventures founder Ram Shriram, a technology investor and board member of Alphabet Inc., will join Skyroot’s board.
The deal values the company at around $1.1 billion, giving it unicorn status.
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.
Founded by former Indian Space Research Organisation (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka in 2018, Skyroot launched Vikram-S, a series of modular space launch vehicles specially crafted for the small satellite market in November in 2022, thereby marking the private sector’s foray into space.
“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 Chandana.
Besides launching the Vikram-1 rocket, Skyroot will use the funding to increase its manufacturing capacity and develop Vikram-2, a larger rocket designed to carry heavier payloads into space.
The company said this will help it take on a wider range of missions and serve more customers.
“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,” said Shriram, who serves as the managing partner at Sherpalo.
India’s space segment was thrown open to private players in 2020. Earlier, access to space was limited to very few governments and enterprises in India.
Other spacetech startups that have raised capital in recent years include Bellatrix Aerospace and Agnikul, among others.
