Skyroot Aerospace has become India’s first space technology unicorn after raising $60 million in a new investment ahead of the maiden orbital launch of the Vikram-1 rocket in the coming weeks.
The funding round valued the Hyderabad-based startup at $1.1 billion on a pre-fund basis and included about $50 million in seed equity led by Sherpalo Ventures and GIC, along with about $10 million in structured debt managed by funds linked to BlackRock, the company told TechCrunch.
The investment comes as Skyroot prepares for the first orbital launch attempt by an Indian private company. The Vikram-1 rocket was flagged off at India’s spaceport on the southern island of Sriharikota in April, and the startup is targeting a launch in June after completing flight certification tests and beginning integration and launch activities.
Founded in 2018 by former Indian Space Research Organization (ISRO) engineers Pawan Kumar Chandana and Naga Bharath Daka, Skyroot makes small satellite launch vehicles, broadly comparable to those developed by US-based companies such as Rocket Lab and Firefly Aerospace, with Vikram-1 designed to carry payloads of up to 2 kg or 350 kg.
Skyroot’s latest valuation more than doubles the $500 million valuation it secured in its previous funding round in 2023, as global investors increase bets on India’s emerging private space sector.
The round gathered participation from Playbook Partners, Arkam Ventures and the founders of Greenko Group. Ram Shriram, founder of Sherpalo Ventures and Alphabet board member, will join Skyroot’s board.
Skyroot declined to disclose revenue figures or details of its customer backlog, but said demand for dedicated launches for small satellite operators was strong, with about a third of expected demand coming from India and the rest from international customers.
Skyroot first gained attention in November 2022 after the launch of Vikram-S, a sub-orbital rocket mission that marked India’s first privately developed rocket launch.
The new capital, Skyroot said, will be used to scale construction, increase the launch rate of Vikram-1 missions and support the development of Vikram-2, a heavier lift launch vehicle expected to debut in 2027.
Vikram-2 is designed as a one-ton class launch vehicle powered by a cryogenic stage, expanding Skyroot’s ability to serve more complex satellite missions and compete in the growing global market for small satellite launches.
Skyroot’s rise comes as India pushes to expand its share of the global space economy by opening up the sector to private companies and leveraging lower production and launch costs to compete globally. India’s space economy is estimated at $8.4 billion and expected to rise to $44 billion by 2033, while the country had nearly 400 space technology startups as of early 2026, according to government estimates.
The startup’s upcoming Vikram-1 mission comes as India seeks to build additional commercial launch capacity alongside state-run ISRO, which has faced failures in recent missions such as two consecutive launch failures. Reforms introduced from 2020 have allowed private companies to access ISRO facilities and participate in end-to-end space activities, helping to bring startups to the fore in launch systems, satellites and propulsion technologies.
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