Skyroot Aerospace Reaches Unicorn Status With $60M Funding

Skyroot Aerospace, a Hyderabad-based space launch startup, has raised US$60 million in a funding round co-led by Sherpalo Ventures at a US$1.1 billion valuation, achieving unicorn status. The round included participation from existing investors GIC, Greenko Group founders, and Arkam Ventures, as well as new backers BlackRock and Playbook Partners, according to The Economic Times.

Funding Round and Investor Composition

The US$60 million Series C round underscores confidence from major global financial players in Skyroot’s technology roadmap. Existing backers including Singapore’s sovereign wealth fund GIC and funds managed by BlackRock—the world’s largest asset manager—reaffirmed their commitment alongside new institutional investors. As part of the deal, Ram Shriram, an early Google investor and Alphabet board member, will join Skyroot’s board.

Company Background and Track Record

Skyroot Aerospace was founded in 2018 by former ISRO (Indian Space Research Organisation) engineers Pawan Chandana and Bharath Daka. In 2022, the company achieved a significant milestone by becoming the first Indian private company to launch a suborbital rocket, demonstrating technical capability in the competitive space launch sector.

Use of Funds and Vehicle Development

The startup said the new capital will support manufacturing and development of its Vikram-2 launch vehicle ahead of the planned Vikram-1 orbital rocket launch. The Vikram-1 is designed to carry payloads of up to 350 kilograms to low Earth orbit, targeting the expanding small satellite market.

Strategic Context for India’s Space Sector

Skyroot’s unicorn valuation reflects India’s 2020 space sector reforms, which opened the sector to private companies and catalyzed the emergence of startups focused on launch systems, satellite, and propulsion technologies. The milestone signals to global investors that India’s space-tech startup ecosystem represents a credible market opportunity. With manufacturing cost advantages and engineering talent, Skyroot aims to compete internationally in the small satellite launch market.