Engineers working on a rocket engine in a manufacturing facility.
Skyroot Aerospace has officially entered the unicorn club, securing $60 million in a funding round co-led by Sherpalo Ventures and Singapore’s GIC. This significant investment propels the Indian spacetech startup to a valuation of $1.1 billion, more than doubling its previous $550 million valuation from 2023.
The newly acquired capital is earmarked for accelerating the launch cadence of Skyroot’s Vikram-1 orbital rocket, expanding manufacturing capabilities, and broadening its mission profile. The company is also prioritizing the development of Vikram-2, a rocket designed to carry a one-tonne payload and featuring an advanced cryogenic stage.
Skyroot’s strategic objective is to establish a robust domestic launch ecosystem, positioning itself as a key gateway to space for the Global South. By offering predictable and cost-effective launch services, the startup aims to attract global customers and reduce the reliance of Indian satellite manufacturers on international providers like SpaceX.
The company’s technical expertise and growing in-house manufacturing capacity have been critical to its success. Skyroot first gained prominence in 2022 as the first private Indian entity to successfully launch a rocket into space, supported by the Indian Space Research Organisation (ISRO). It has since established a substantial workspace dedicated to the design and testing of launch vehicles.
The funding round signifies a strong vote of confidence in India’s burgeoning private space sector and Skyroot’s potential to disrupt the global launch market.
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