Hyderabad-based company Skyroot Aerospace has skyrocketed! Receives $60 million in funding, reaches a $1 billion valuation

Hyderabad-based space tech startup Skyroot Aerospace has become India's first space tech unicorn. The company has received $60 million in new funding, bringing its valuation to $1.1 billion. 

American billionaire Ram Shriram, an early investor in Google, is leading the funding round. This investment will accelerate preparations for the company's Vikram-1 rocket launch and global expansion into the small satellite market.

The company's existing investors, including Singapore's GIC, the founders of Greenko Group, and Arkam Ventures, also participated in this round. BlackRock, the world's largest asset management company, is also joining the company's equity cap table. 

The family office of Sun Pharma's promoters and Playbook Partners also invested. Skyroot Aerospace has raised over $100 million in total funding to date. Previously, in 2023, the company raised a $27.5 million pre-Series C round led by Temasek.

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The company will use the new funds to accelerate its launch vehicle program. Specifically, the focus will be on the development of the Vikram-1 orbital launch vehicle, expanding launch infrastructure, expanding the engineering team, and strengthening technology capabilities. 

Skyroot Aerospace made history in 2022 by launching the Vikram-S rocket. This was India's first private-sector rocket to successfully reach space. The company is now preparing for the Vikram-1 launch, which could take place from Sriharikota in the coming weeks.

Rocket testing is complete

According to the company's co-founder and CEO, Pawan Kumar Chandana, the rocket's most critical integrated testing has been completed, and the hardware is being systematically transported to Sriharikota. The launch window could open in June, though the final date will depend on regulatory approvals and vehicle readiness.

During this approximately 15-minute mission flight, Vikram-1 will deliver payloads to a low-Earth orbit at an altitude of over 400 kilometers. This will include Earth observation satellites and in-orbit experiment modules for customers from India and abroad. 

Skyroot, which is preparing to challenge global companies like SpaceX and Rocket Lab, now aims to establish a strong presence in the small satellite launch market.