Hyderabad-based Skyroot Aerospace, a private space launch company, has successfully raised $60 million (approximately Rs 570 crore) in its latest funding round, the company announced on May 7. The investment was led by Ram Shriram’s Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, with participation from BlackRock, the founders of renewable energy company Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office, and other investors. This marks a significant milestone for India’s private space sector as the company’s valuation has now reached $1.1 billion, up from around $519 million in 2023.
The funding round saw participation from both new and existing investors. While Playbook Partners and Shanghvi Family Office are new backers, Sherpalo, GIC, BlackRock, the Greenko Group, and Arkam Ventures have previously invested in the company. With this achievement, Skyroot Aerospace has become India’s first space-tech unicorn, a term used for private companies valued at $1 billion or more. The company now stands among India’s most well-funded space-tech startups, setting a precedent for the growing private space industry in the country.
Pawan Kumar Chandana, co-founder and CEO of Skyroot Aerospace, expressed enthusiasm about the company’s progress. He stated that the team is excited about the upcoming Vikram-1 launch, which will be India’s first private orbital rocket. He described this as a significant milestone both for India and the global space sector, adding that the investment signals confidence from some of the world’s most reputed investors in Skyroot. The company had previously conducted an orbital launch in 2023 and is now preparing for another launch in the coming weeks.
Ram Shriram, Founder and Managing Partner of Sherpalo Ventures, shared his long-standing belief in the Skyroot team. He noted that his conviction has only deepened as the team moves forward to the launchpad with Vikram-1. Shriram emphasized that access to space is one of the key challenges of our time and highlighted that Skyroot is building the foundational infrastructure for that future with the best cost-to-performance ratio in the orbital-launch industry. He expressed pride in deepening his partnership with the company as they take their next giant leap.
The newly raised capital will be utilized to establish a high cadence of Vikram-1 launches, scale up manufacturing capabilities, and develop Vikram-2, a 1-tonne class launch vehicle powered by an advanced cryogenic stage. The development of Vikram-2 will expand the range of missions and customers that Skyroot can serve, positioning the company for broader market reach. With this latest funding round, the total capital raised by Skyroot Aerospace has crossed $160 million (approximately Rs 1,500 crore).
The funding comes at a crucial time for India’s private space sector, which has been gaining momentum following policy reforms that allow private participation in space activities. Skyroot Aerospace is positioning itself as a key player in the global commercial space launch market, competing with established international players by offering cost-effective launch solutions. The company’s focus on developing indigenous rocket technology and establishing regular launch capabilities demonstrates the growing maturity of India’s private space industry.
